Re: (OPE-L) Ajit's paper

From: ajit sinha (sinha_a99@YAHOO.COM)
Date: Sun Jun 06 2004 - 08:08:53 EDT

--- Paul C <clyder@GN.APC.ORG> wrote:
> 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.

But where do fiat money get their value from? And all
the commodities still have their relative prices even
in the case of fiat money. Cheers, ajit sinha

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