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Does the existence of fiat money disprove the LTV?
When Marx came up with the LTV, he defined money as being backed by commodities like gold, and never thought fiat money would ever exist. $1 bills cost 4.9 cents to make, while $100 bills cost 12.3 cents to make. Does the fact that the $100 bill having 100x the value of the $1 bill while costing only 2.5x as much to produce disprove the LTV?
No. Marx's analysis of "fiat money" is in this section: https://www.marxists.org/archive/mar...1/ch03.htm#S2c
I put the term in quotes because (like Marx also stresses there), you have to distinguish state paper money from banknotes (which is credit). I actually am co-editing a book of Marxist essays on money, and this is one of the key things I learned that is important (and it's not even a particular Marxist point).
