[OPE-L:1316] Gold, The Universal Equivalent & Rent

John R. Ernst (ernst@pipeline.com)
Tue, 5 Mar 1996 06:15:39 -0800

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More questions on gold.

1. That the gold sector can produce absolute and
differential rent would indicate that it is a natural
monopoly. Hence, for Marx, it does not enter into
his transformation process. I've heard from Andrew,
but am wondering if others think this has little impact
on what we call the "transformation problem." Why
or why not?

2. Must the money commodity or the universal equivalent
be produced by a sector that produces rent or is a
natural monopoly? History seems to say that this must
be the case. Logic?

3. Can we assume that the gold sector expands when necessary
so that producers on the margin earn no absolute rent?