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Labor is wrapped up in the intrinsic value of things. Gold is only intrinsically valuable after it has been extracted, therefore its labor costs are included in
by marknutter 10y ago
Labor is wrapped up in the intrinsic value of things. Gold is only intrinsically valuable after it has been extracted, therefore its labor costs are included in the price. Don't believe me? What happens to the price of gold when it suddenly becomes much easier to mine for it?
- WWKong 10y agoNot sure if applies to everything. For a close product think diamonds where the value is controlled by creating fake scarcity.