[OPE-L:124] Re: the "law of value" (was: Marx's goals)

Gilbert Skillman (gskillman@mail.wesleyan.edu)
Sun, 24 Sep 1995 09:21:50 -0700

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> Date: Sat, 23 Sep 1995 12:43:47 -0700
> From: wpc@clyder.gn.apc.org (Paul Cockshott)
> Subject: [OPE-L:117] Re: the "law of value" (was: Marx's goals)
> To: Multiple recipients of list <ope-l@anthrax.ecst.csuchico.edu>
> Reply-to: ope-l@anthrax.ecst.csuchico.edu

> Gil
> ---
> 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.