[OPE-L:117] Re: the "law of value" (was: Marx's goals)

Paul Cockshott (wpc@clyder.gn.apc.org)
Sat, 23 Sep 1995 12:43:47 -0700

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But yes it can:  the divergence of the value of the money commodity
in the form of capital from its price, i.e. interest.  Yes, to
anticipate subsequent comment, something else must be presupposed
(production of value), but this must be supposed in explaining
surplus value whether or not one presumes price-value equivalence.

Paul C ------ Did you really mean what you said there, that interest is the price of the money commodity?

Assuming that we have a money commodity - gold in Marx's time, it has a price set by the rate at which the mint will convert it into coin - two pounds seventeen shillings and six pence per ounce. Interest can not be consistently treated as a price of a commodity as it has dimension t^{-1} whereas a price has has a dimension of the form $/kg or pounds sterling / lb weight etc.