Re: measurement of abstract labor

From: Ian Wright (iwright@GMAIL.COM)
Date: Thu Jun 17 2004 - 16:33:59 EDT

Hi Allin

> 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?

I think the "money as measure" phrase is meant to indicate the
relation between prices and labour times, although I agree it is a
loose formulation.

> 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.)

Assuming overall that supply meets demand then if I'm very lazy and
take a long time to make commodity A compared to my competitor, but A
sells for one price, then some of my labour-time is not rewarded, and
was therefore socially unnecessary. No?


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