Money as Means of Payment

Adalbert G. Lallier
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Adalbert G. Lallier: Concordia University

Chapter 1 in The Economics of Marx’s Grundrisse, 1989, pp 21-38 from Palgrave Macmillan

Abstract: 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 (search for similar items in EconPapers)
Date: 1989
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DOI: 10.1007/978-1-349-20171-6_2

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