Re: measurement of abstract labor

From: Allin Cottrell (
Date: Mon Jun 14 2004 - 21:48:12 EDT

On Mon, 14 Jun 2004, Ian Wright wrote (well, actually he quoted Phil
Dunn as writing):

> > Homogeneous labour-power and labour can also be measured by money.

Could anyone explain this idea (I don't think it's specific to Phil)?
I confess it makes no sense to me.  How does money "measure" anything?

Is this an ellipsis for "[short-run equilibrium] price measures
labour-time", in the sense that the quantity of money people are
willing to pay for a commodity retrospectively determines the degree
to which the labour that went into its production is/was socially
necessary?  (That I can understand, though I disagree with it.)

Allin Cottrell

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