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On Wed, 2010-03-31 at 19:52 +0100, Philip Dunn wrote: > Value theory has no flaws. > Whoops. There is at least one flaw. Money is said to be a universal equivalent. This means that there is equal exchange. Sell a commodity for a certain sum of money and then buy another with that sum of money. The value of the sold commodity must equal the value of the bought commodity. These values both equal the value of the sum of money. However, Marx allows a "quantitative incongruity between price and magnitude of value". This means that the values of the commodities are not equal to the value of the sum of money and are, in general, unequal. There is no equal exchange and money is not a universal equivalent. ________________________________________________ Send list submissions to: Marxism@lists.econ.utah.edu Set your options at: http://lists.econ.utah.edu/mailman/options/marxism/archive%40mail-archive.com
