[OPE-L:5770] Re:Commodity Money (Questions)

John R. Ernst (ernst@PIPELINE.COM)
Fri, 28 Nov 1997 23:27:42 -0500 (EST)

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In a couple of posts in this thread, I have seen references to
the "price of production" of gold. Given that gold is the
money commodity, referring to its "price" is a bit problematic.
More important, however, is the implication that the product
of any production process could be the money commodity. Isn't
gold production a "natural monopoly"? Do not the firms producing
the money commodity have to be natural monopolies? Or, could any
commodity be the money commodity?