Date: Mon, 31 Oct 1994 08:29:44 -0500 (EST) From: eugeneh <eugeneh-AT-HUMANITIES1.COHUMS.OHIO-STATE.EDU> Subject: Re[2]: LTV? In response to Wes's question about the LTV, I would add just one qualification to Justin S.'s "explanatory thesis" regarding exchange value. It's not so much that goods can exchange "because and only because" they have value; they could be exchanged for any number of reasons: but when they are exchanged systematically (e.g. in a market system), the rate at which they are exchanged is based on value (i.e. labor value), because that it is the only (or simply the most practical) quantity they have in common to serve as measure of their relative values. As some may recall, I endorse what I take to be Marx's vesion of the LTV. Gene Holland ------------------
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