| This question <73|73> overall <87|89> Jenny: <86|153>. |
| Question 81: Can one say the coat symbolizes the value of the linen? |
| [88] Jenny: is the coat the value of linen? The following is an addition to Bandit's [73]: |
| The linen maker takes time to produce the linen and therefore, he know how much labor time he has put into his commodity. Once the linen is created he has to determine how much it is worth to him - whether he wants to keep it or exchange it for something else. |
| In the production of commodities, the producer produces for exchange. There is no consideration of the choice whether to keep it or exchange it. The producer will not quit until the commodity is gone, i.e. it is exchanged. |
| If the linen maker is willing to exchange the linen for the coat then he obviously feels that the coat would have a high use value to him. The linen maker has perfect information about the linen he produced, however, he may not know how much labor time has gone into the coat. |
| Pg. 44, column 2, of the annotations specifies that the weaver does not know if the labor time put in was socially necessary. Does the knowledge of what is socially necessary labor time count in perfect information? If so, then the weaver does not have perfect information. |
| The end of the second sentence-he may not know how much labor time has gone into the coat- is questionable. The weaver may very well know exactly how much time it takes to produce the commodity. However, as stated above, he may not know what is socially necessary, and he may not realize his labor is the source of value for that commodity. |
| Hans: I like it that the class participants point out errors in the submissions of others. This is how these e-mail exchanges become a learning experience for all of us. |
| However, it is emotionally a somewhat difficult situation, since pointing out an error is too often connected with a humiliation. Let us try not to pass on to others the humiliations which have been inflicted on us in the past. I.e., we should not overreact. |
| Your first point was important and fully justified: |
| In the production of commodities, the producer produces for exchange. There is no consideration of the choice whether to keep it or exchange it. The producer will not quit until the commodity is gone, i.e. it is exchanged. |
| You phrased your second point as a question, because it is really a matter of definition: |
| Does the knowledge of what is socially necessary labor time count in perfect information? If so, then the weaver does not have perfect information. |
| One can define “perfect information” in either way. I.e., your second point had validity, but it was far less urgent than the first. |
| Finally, your third point had no basis at all. You wrote: |
| The end of the second sentence-he may not know how much labor time has gone into the coat- is questionable. The weaver may very well know exactly how much time it takes to produce the commodity. |
| Bandit did not write: the weaver does not know how much time went into the coat. He wrote: the weaver may not know. I.e., he does admit the possibility that the weaver knows. |
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