[OPE-L:7521] Re: Re: RE: Re: Naples on gold

From: Fred B. Moseley (fmoseley@mtholyoke.edu)
Date: Fri Aug 16 2002 - 14:35:00 EDT

On Mon, 12 Aug 2002, Rakesh Bhandari wrote:

> Gary, it seems to be implicit in your post that Bortkiewicz and by 
> implication Sweezy mishandled the money commodity in the 
> transformation.
> all the best, r

I agree with this too.  Indeed, I would go further and argue much more
generally that almost everyone has misinterpreted the money commodity,
because they all assume that the money commodity has a price and that the
money commodity participates in the equalization of profit rates like all
other commodities, and they all neglect the all-important fact that gold
(the money commodity) is a scarce, privately-owned mineral that yields
absolute rent over and above the average profit.  


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