fuerdenkommunismus at yahoo.com
Sun Feb 17 09:34:10 MST 2013
Ed George gets it --exactly-- right.
Very succinctly put:
"If the substance of value is socially necessary labour, measured in time, this substance has no *objective* existence outside of exchange, in which value manifests itself in objective form as physical quantities of other commodities. This is the distinction between value, and exchange-value, the latter being the physical quantity of the commodity for which a given commodity is exchanged, and, when the other commodity is the money commodity, which is its price. If labour is the measure of value it is the *immanent* measure of value, its exetrnal measure being precisely price. (And the failure to understand that price and value, in this sense, are not different things but different forms of existence of the same thing is what lies behind the so-called 'transformation problem'.)"
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