From: Allin Cottrell (firstname.lastname@example.org)
Date: Fri Jul 30 2004 - 00:18:54 EDT
On Tue, 27 Jul 2004, ajit sinha wrote: > --- Ian Wright <iwright@GMAIL.COM> wrote: >> In an economy with commodity money then perhaps the >> situation is >> different and the value scale is set by labour-time >> in the gold >> sector. But I have not thought about this much. > ______________ > But Ian, as i have explained so many times, the > labor-time in the gold sector has no special meaning > since labor-time in gold sector requires the knowledge > of labor-time in other sectors. If gold is a commodity > it is produced by other commodities! Cheers, ajit I'm no gold bug, but Ajit, what is your point? Everybody knows that the labour embodied in any commodity is a "vertically integrated" notion -- that is, it depends on the labour embodied in all the inputs. So what? The labour embodied in each and every commodity is in principle calculable given the input-output table, and in practice too, if you're willing to tolerate a bit of approximation. Allin.
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