Re: (OPE-L) recent references on 'problem' of money commodity?

From: Rakesh Bhandari (bhandari@BERKELEY.EDU)
Date: Sun Nov 21 2004 - 20:33:21 EST

At 9:25 PM -0500 11/19/04, Allin Cottrell wrote:
>Gold is peculiar, in that it is relatively imperishable and the
>existing stock very much dominates flow production,

  Peculiar enough that gold does not belong in a set of simultaneous
equations for branches of production where the profit rate is set as

>  so therefore on
>Ricardian/Marxian grounds the price is relatively indeterminate,
>governed by speculative considerations.

  So you would agree that Bortkiewicz mishandled gold money in his
transformation equations?


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