From: Rakesh Bhandari (email@example.com)
Date: Fri Aug 16 2002 - 14:22:31 EDT
David Y may not want to return to this question as he seems to have been at work on an analysis of contemporary capitalism. http://www.rcgfrfi.easynet.co.uk/marxism/articles/ Value & Price in Marx's Capital From Revolutionary Communist No. 1 (Second Edition) May 1976. by David Yaffe It is incorrect to treat gold, as the money commodity, exactly in the same way as luxury products, although they share important features in common. However, gold, as the money commodity, does not have a price of production, while luxury products do. Further, competition does not affect the gold industry in the same way as for luxury products - it has a certain independence. Gold producers, in producing the money commodity, have a social monopoly. It is the only commodity which cannot be over-produced. The moment it is produced it is already in exchangeable form. If we regard, with Marx, luxury products as being a sub-section of Department II (11b), gold, as the money commodity, would require a separate department of its own.
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