Date: Sat May 03 2003 - 14:33:43 EDT
Quoting OPE-L Administrator <ope-admin@RICARDO.ECN.WFU.EDU>: > ----- Original Message ----- > From: "Reuten" <firstname.lastname@example.org> > To: "'OPE-L'" <OPE-L@SUS.CSUCHICO.EDU> > Sent: Friday, May 02, 2003 5:21 PM > Subject: RE: (OPE-L) Inflation, credit, and the 'money expression of > labour' within a value-form perspective > > > In the way Paul C. phrased it, "money that validates value", you are > bound to get into the circel he indicates. I would say "money validates > production" (or some or none of course). Whatever theoretical > considerations you have, anyway it is the case that for capital > (capitalists, > entrepreneurs, firms) in actual practice money is the measure of value. > (It is that always microeconomically. Theoretically, when you are > engaged in macroeconomic theory other considerations may come in. Appart > from those I am generally reluctant to use the phrase "value of money" > as it has a tautologous flavour.) > I can understand why you might be if you take a purely relational take on value. If one considers that value is labour, then the value of money is unproblematic. How do you talk about inflation without mentioning that involves a fall in the value of money?
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