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this is a typical misinterpretation of the labor theory of value. it's not the silicon valley "I Am Adding Value" SaaS ideal. the free market assigns the value
by greenie_beans 3y ago
this is a typical misinterpretation of the labor theory of value. it's not the silicon valley "I Am Adding Value" SaaS ideal.
the free market assigns the value created by laborers. it's as simple as that. the buyer wouldn't get this value in their life, at a price the market decided they pay, without the work of the laborer. the value wouldn't be created without the laborer, or any of the capital or tools that it took to create labor (since labor created the capital and the tools). much like machines, it's labor all the way down.
- HDThoreaun 3y agoI didn't misinterpret shit. The amount of work something takes too create has very little to do with its value. Labor theory of value would be a joke if it wasn't so popular for some reason. Instead it's actively disinforming people > it's labor all the way down This is completely orthogonal to value. Sure things wouldn't exist without people to make them. That doesn't mean that the labor it takes to make something constitutes its value.
- greenie_beans 3y agolol you are proving my point that you don't understand the labor theory of value. even adam smith was with it.
- andrekandre 3y agowhat is you definition of value? i feel you and the other poster are mybe talking past each other..
- oneshtein 3y ago(Not an original poster.) $1 banknote is equal to $10000000 banknote in labor.
- kieselguhr_kid 3y agoCan you help us out by articulating what you think value is, and how it's derived?
- deadfoxygrandpa 3y agoif you actually look at the inputs and outputs of entire industrial sectors, rather than individual firms, you generally find a very high correlation between the price of labor as input and the price out the output of that sector. like >96% for the uk as found by cockshott and cottrell in their 1995 paper
- nvm0n2 3y agoNow do the oil industry.
- deadfoxygrandpa 3y agothe oil industry is in that same paper. it's the outlier in that its output is a bit higher than predicted, because of economic rent
- nvm0n2 3y agoMy point is that the price of oil has nothing to do with the price of labor and frequently fluctuates in massive ways unconnected to the labor market.
- greenie_beans 3y agoprice has nothing to do with the labor theory of value
- nvm0n2 3y agoThe post I was replying to talks about price.
- HDThoreaun 3y agoDon’t really feel like writing a treatise right now so I’ll just use the same link I put in the other comment https://reddit.com/r/badeconomics/s/7KeMalYvVC https://reddit.com/r/badeconomics/s/7KeMalYvVC