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Friday, 2003 January 31, 17:29 — economics

the cigarette standard

I’m sorry I didn’t record where I got this link to The Economic Organization of a P.O.W. Camp, an article published in 1945 by a British officer who had been a guest of the Reich.

It is thus to be seen that a market came into existence without labor or production. The B.R.C.S. [British Red Cross Society?] may be considered as “Nature” of the text-book, and the articles of trade – food, clothing and cigarettes – as free gifts – land or manna. Despite this, and despite a roughly equal distribution of resources, a market came into spontaneous operation, and prices were fixed by the operation of supply and demand. It is difficult to reconcile this fact with the labor theory of value.

Later: Joshua Burton finds another copy.

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