me: > in the case where the artificial scarcity of an item is enforced, the > actual price or exchange-value is arbitrary (especially since the > state and its central bank don't maximize profits) except that they > can't be lower than the value.
Paul: > So you are saying that the value of the Krona can not fall lower than the > value of the paper the notes are printed on? > That seems so far below the amount of labour it commands that it is not very > helpful. in other words, the price (and exchange value) of the currency is set by (artificially-restricted) supply and demand. -- Jim Devine / If you're going to support the lesser of two evils, you should at least know the nature of that evil. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
