The Labor Theory of Value, which is the intellectual basis of Marxism, makes no sense. The claim is that the value of an object is equal to the labor put into

The Labor Theory of Value, which is the intellectual basis of Marxism, makes no sense. The claim is that the value of an object is equal to the labor put into it. That means a dell laptop orbiting Jupiter is worth infinitely more than my flat screen TV, because the TV took far fewer hours of labor to produce. Austrian School economics, on the other hand, argue that value is a subjective construct - and that each person values things differently. That is why trade is so good - people who value A more than B trade with people who value B more than A.