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Money as Means of Payment

  • Adalbert G. Lallier

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

Keywords

Commodity Price Labour Time Gold Coin Intrinsic Worth Situation Exchange 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Notes and Comments

  1. 50.
    Steuart, Sir James, An Inquiry into the Principles of Political Economy (Dublin, 1770 ), vol. I, pp. 166–203.Google Scholar

Copyright information

© Dr Adalbert G. Lallier 1989

Authors and Affiliations

  • Adalbert G. Lallier
    • 1
  1. 1.Concordia UniversityMontrealCanada

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