On 05/08/2012 11:01 PM, Paul Cockshott wrote: > ________________________________________ > > > in other words, the price (and exchange value) of the currency is set > by (artificially-restricted) supply and demand. > -- > > _______________________________________________ > > This seems a fallback to the economics 101 You're giving too much credit to econ 101. The latter still seeks and, if it cannot find, makes up "determinants" on the supply side; as without those, economics is lost. (e.g.) Money "is" a store of value, paradoxes be damned.
> The currency has no price, but is the measure of price, the problem is to > explain how a standard of price and measure of value which itself has no > value can operate as a social form. Get over it, there is no problem. People have found out since time immemorial that keeping track of input, works in claiming output. It's only when for whatever reason the accounted-for final output is spurned, but the claims take on a life of their own, that a problem emerges. So stop seeking determinants on the supply side, there aren't any; and accept, as Doug mentioned, that life is circular. If this means that all economic values are indeterminate before final demand gets into the picture and that conventional economics of whatever persuasion therefore is damned, so be it. Don't you think it's high time that a truly alternate paradigm becomes developed anyway? The "great experiment" of the last century has shown to create a society of slackers, despite a no doubt substantial number of conscientious Marxists otherwise engaged. Humanity the way it is cannot depend on the idealism of a small minority. Just my $.02 worth... John V _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
