At 06:50 PM 7/29/98 +0100, you wrote:
>29 july
>from peter jones, sheffield hallam university UK
>sorry to bore everybody with this discussion but in answer to eva's last
>query:
>
>"Thanks also for the distinction between the place-holding function of
>money
>and money as a measure of value. I can see that the gold is, somehow, used
>to fix this measure, to keep it in place, so to speak. On the other hand,
>what happened to the "socially necessary labour time" as the measure of
>value?"
>
>Answer = socially necessary labour time is the substance of value ie the
>content, but in order to measure it you need some kind of yardstick which
>itself has value, ie money. it's like weight: in order to measure the
>weight of objects you need an object which has weight which serves as a
>standard of comparison or measure. the value of gold is determined in
>exactly the same way as the value of any other commodity, ie it does not
>stand outside the laws of commodity production and its value alters subject
>to the workings of the system too.
>
>very best wishes to all
>P
>
>