eugeneh at HUMANITIES1.COHUMS.OHIO-STATE.EDU
Mon Oct 31 06:29:44 MST 1994
In response to Wes's question about the LTV, I would add
just one qualification to Justin S.'s "explanatory thesis"
regarding exchange value. It's not so much that goods can
exchange "because and only because" they have value; they
could be exchanged for any number of reasons: but when they
are exchanged systematically (e.g. in a market system), the
rate at which they are exchanged is based on value (i.e.
labor value), because that it is the only (or simply the
most practical) quantity they have in common to serve as
measure of their relative values.
As some may recall, I endorse what I take to be Marx's
vesion of the LTV.
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