This is a circular argument Douglas. If the currencies value is determined by what it can buy, thus what indirect labour it commands, what determines what it can buy. ________________________________________ From: [email protected] [[email protected]] On Behalf Of Doug Henwood [[email protected]] Sent: Sunday, August 05, 2012 9:44 PM To: Progressive Economics Subject: Re: [Pen-l] Determinaton of the value of state token money
On Aug 5, 2012, at 3:39 PM, [email protected] wrote: > But surely the truth must be somewhere inbetween. The Soviet Union had state > power, but not the ability to make its currency valuable internationally. A currency's value depends on what it can buy. The ruble could buy Soviet TVs, which as The Economist snottily put it, whose most exciting feature was wondering whether the set would burst into flames. It could not buy a Sony. Doug _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l The University of Glasgow, charity number SC004401 _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
