Re: (OPE-L) Ajit's paper

From: Paul C (clyder@GN.APC.ORG)
Date: Fri Jun 04 2004 - 18:29:19 EDT

ajit sinha wrote:

>--- Rakesh Bhandari <rakeshb@STANFORD.EDU> wrote:
>Fred can argue whatever he wants. But the fact of the
>matter remains that price is a relative concept. It is
>not very profound to say that the price of something
>in its own terms is always equal to one.
 As soon as you have multiple commodities with  prices then one has
ratios between these prices, but that is not to say that price is itself
necessarily a relative concept. It certainly is within the problematic
of the commodity theory of money, but if one is dealing with pure
fiat money, then one has a measure that is outside of the conditions
of production, and price is no longer a ratio of exchange values.

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