From: Ian Wright (iwright@GMAIL.COM)
Date: Tue Jun 01 2004 - 13:26:42 EDT
Hi Ajit, Rakesh Rakesh wrote: > SNALT labor time. Surplus value is unpaid labor > time; surplus value > contains profit, rent, interest. Ajit wrote: > So you admit that the unit of SNALT is time. Now tell > me how is it measured? SNALT is represented in units of money. The monetary expression of labour-time (MELT) fixes the scale of measurement. The question then is what determines the MELT. I can give you a non-circular answer for the case of a simple commodity economy with non-commodity money if you want. I am genuinely interested in any criticisms of this point of view. -Ian.
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