Abstract
Money is the universal equivalent which is generally acceptable: ‘the form in which all commodities equate, compare, measure themselves’.1 No money is needed if a commodity containing one hour’s worth of labour time is exchanged for another with equal labour time (in which case, proposes Marx, the exchange is equivalent and the two commodities are convertible into each other because in such a situation exchange value = market value and real value = price).2
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Notes and Comments
Steuart, Sir James, An Inquiry into the Principles of Political Economy (Dublin, 1770 ), vol. I, pp. 166–203.
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© 1989 Dr Adalbert G. Lallier
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Lallier, A.G. (1989). Money as Means of Payment. In: The Economics of Marx’s Grundrisse. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-20171-6_2
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DOI: https://doi.org/10.1007/978-1-349-20171-6_2
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-0-333-46834-0
Online ISBN: 978-1-349-20171-6
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