Thread 17905146

What’s the deal with this labor theory of value?
They’re saying the more work you put in, the more valuable it is.

*audience chuckles*

So if I spend twelve hours making a sweater… with three sleeves… and no neck hole… that’s premium knitwear, folks!

*audience laughter*

I could spend a week carving a canoe… out of a giant stick of butter. Is that suddenly worth a fortune?

*cheers and claps from he audience*

And what about mistakes? I once spent two days assembling IKEA furniture the wrong way… and by this logic, it’s now an art installation!

*audience bursts into laughter*

"Ah yes, Jerry’s Upside-Down Bookcase… a masterpiece of modern suffering."

*audience hoots and applauds*

>>17905146 (OP)
>I once spent two days assembling IKEA furniture the wrong way… and by this logic, it’s now an art installation!
It unironically can be under capitalism as I'm sure some pretentious retard would be willing to buy it

>>17905157
Seriously. Do you see the type of s*** that gets sold for thousands of dollars as art? I went in a vape shop yesterday and they were selling Yoda pendants for over $2,000. The same pendant could likely be produced and sold for 10 20 bucks

>>17905146 (OP)
>the more work you put in, the more valuable it is
That's not what the labor theory of value says.

>>17905146 (OP)
The only counter to this is that the buyer determines the value.
But there's a large overlap in people who believe that, and people who seethe because some whore on the internet sold pictures of her feet for millions of dollars while the average man works for a living.

>>17905300
This guy gets it

>>17905300
Gold always has value, no matter the demand.
Mostly because it takes a lot of time and work to extract it, and even advancements in mining only increase yield by so much.

You could argue that Gold as a good has value because of it's chemical properties but, then I could go into other commodities to prove OPs point, like cryptocurrencies.

>>17905659
>Gold always has value, no matter the demand
I don't understand what it means for gold to have value if there's no demand, and no one wants it. Valuable to who?

Like, you sit on a big pile of gold in zero demand. How you go about getting "value" from it?

>>17905146 (OP)
The theory only works if you are an employer selling products produced by your workers. Obviously the wage you have to pay to workers has to be factored in when pricing if you want to earn a profit. So work time will determine the price along with quality and skill (highly skilled workers are rarer and will demand more).

socially necessary labor time

the funniest thing about faggots who reject actual classical econ is they rely on supply and demand for this obfuscation but all supply and demand really shows is the necessity of a planned economy. Oh you don't want an oversupply of unwanted commodities or an undersupply resulting in unmet demand? Hmmm maybe a planned society could help with that. What? When supply and demand are in equilbirium you have price stability? What's that? the equilibrium price is the target price for the market? We should be planning to sell things at that price? What? that equilibrium price can be lowered by improving the production process through technolgoical progress? What? porkies don't like it when there's too much technological progress at once because it results in a crisis of overproduction in the unplanned free market resulting in the plummeting of prices? What? They respond to this by destroying the productive forces? HMMMMMMMMMMMMMMMM REALLY GETS THE NOGGIN JOGGIN

>>17905146 (OP)
Different commodities have different equilibrium prices, so that cannot be explained by supply and demand (post-production factors on the market) alone, but by factors inherent in the commodity's production, namely the labor time required for both the final commodity as well as the labor times required for the commodities contributing to the final commodity.
let us say commodity A has an equilibrium price of 3 dollars and commodity B has an equilibrium price of 5 dollars. In both cases, supply and demand are in equilibrium, so neither supply nor demand nor their interplay can explain in this case why commodity B is 2 dollars more expensive than commodity A. Since supply and demand represent factors outside of the commodity's production and they are in this case in equilibrium we have to look at factors within the commodity's production for an explanation. What immediately faces us is that commodities are assembled through labor processes, but they are also made out of other commodities which were themselves either assembled through labor processes, or, in the case of raw materials, gotten from the environment through labor processes. In all cases the average labor time required becomes essential to explaining prices differences, which Classical economists noted the post-classicals try to obfuscate or bury.

>>17905659
I seriously hope you goys are buying BTC (aka digital gold)

>>17905166
You do know there are stupid people but sw fan are in another level of retardeness.

I think Jerry slightly misunderstood the labor theory of value

>imagine thinking labor has some sort of inherent magical value
I have no idea how come people still believe in this crap. Yea I wish too each labor regardless of market price was valuable but it is not lmao.

>>17905749
>demand really shows is the necessity of a planned economy.
Look at ussr and tell me that this shit is good thing, faggot

>>17905749
Supply is fluid, demand even more so, all value is subjective and equilibrium value is unknowable, which is why planned economies never fail to collapse or stagnate until they throw in the towel and gradually convert to free markets.

>>17905765
>neither supply nor demand nor their interplay can explain in this case why commodity B is 2 dollars more expensive than commodity A
The fuck am I reading? Drill oil that's easily accessible and it's cheaper. Drill oil that's hard to extract and it's more expensive. The reason is that you need to use different materials to reach the oil and the acquisition of the equipment follows its own numerous chains of supply and demand.