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Namely, why does Marx, who is in general full of admiration for Ricardo, not cite the latter's clear statement of the determination of the value of a commodity money by its labour content, and of the corollary that the stock of commodity money is an endogenous variable?
Returning to Ricardo's thought experiment, let us suppose that prior to the improvement in the productivity of English wine-making, gold having a marginal labour content of 10 hours exchanges, in both countries, against other commodities also having a labour content of 10 hours.
By itself, this would give rise to a situation where gold having a labour content of 10 hours exchanges against goods with a labour content of more than 10 hours (in Portugal) and less than 10 hours (in England).
The world price level would fall to the point where the labour theory of value again correctly describes the relationship between the labour content of money and the labour content of the goods against which it exchanges - in the gold-producing country where resources are actually transferable between the production of gold and the production of other goods.
Besides, Marx himself was quite clear that the exchange value of non-reproducible commodities is not governed by their labour content.
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