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The Functions of Money

In: An Outline of the Dialectic of Capital

Author

Listed:
  • Thomas T Sekine

    (Aichi Gakuin University)

Abstract

If a commodity is merely priced, its value is “expressed” but not “measured”. To price a commodity is simply to imagine that it can be sold for a certain amount of gold. That is a private, rather than a social act, even though the supply price is stated in terms of the socially chosen, instead of a privately needed, equivalent. Only when the supply price is equated to the demand price, can we say that the value of a commodity is “measured”.

Suggested Citation

  • Thomas T Sekine, 1997. "The Functions of Money," Palgrave Macmillan Books, in: An Outline of the Dialectic of Capital, chapter 3, pages 50-84, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37220-7_3
    DOI: 10.1057/9780230372207_3
    as

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