[OPE-L] Equivalent value and relative value

From: Philip Dunn (hyl0morph@YAHOO.CO.UK)
Date: Sun Mar 25 2007 - 22:49:12 EDT

I think that aggregate labour time is the equivalent value of the sum of
money that is value added. The relative value of a unit of money (the
value of money, for short) is therefore equal to aggregate labour
divided by nominal money value added. Hours per dollar.

Money acts as the equivalent for all produced commodities. The relative
value of any produced commodity is therefore equal to the equivalent
value of the money it sells for.

Unless the equivalent value of money is necessarily equal to its
relative value as expressed by labour time, the whole train of thought
is pointless since we have no way of measuring the equivalent value of

The produced commodity has a relative value expressed by the equivalent
value of the money it sells for. Either it has an equivalent value equal
to this relative value or it has no equivalent value. I favour the
latter because I do not see how the value of the produced commodity can
be  the equivalent of anything, certainly not of the money it sells for.

Labour time is therefore purely equivalent value. Produced commodities
have only relative value. But money has both.


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