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.

          Gene Holland


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