SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Pastimes : Austrian Economics, a lens on everyday reality
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Don Lloyd who wrote (135)9/30/2002 1:45:02 AM
From: Wildstar  Read Replies (1) of 445
 
I don’t quite know where to go with your question. I’ve pondered it over the weekend and the best I can do is lay down my thoughts.

I’m thinking that the question revolves around the different types of value the two metals in question can hold – direct-use value vs. exchange value.

In the hands of Gus, the exclusive goldsmith, silver has no direct use value, and only has exchange value. Vice versa, in the hands of Sam, the exclusive silversmith, gold only has exchange value.

After the exchange occurs, each one has $15,000 worth of “stuff” that can be used for exchange (cash + metal he cannot directly use) and $5,000 worth of metal that he can either use directly or use for exchange.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News