[OPE-L:1297] Gold & credit money

Costas Lapavitsas (CL5@soas.ac.uk)
Mon, 4 Mar 1996 08:03:16 -0800

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I also have a question regarding the theoretical price of gold in
Duncan's [1262], related to John Ernst's points.

It seems to me that no significant generality is lost if we disregard
absolute and differential rent in gold mining (as well as seignorage
for minting). It suffices to establish that gold is subject to the
transformation process, as are all other commodities. The question I
have is, what form will the transformation take? There is no gold
price of gold, or no realisation is necessary in gold production:
the capitalist buys directly with the output. Consequently, what is
the production price of gold, and how does it relate to its mint