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Monday, April 30, 2012

The Question of Value

Labor (including mental labor) does not bestow utility on an automobile; consumers do that. Rather, labor bestows utility on the disparate factors of production by transforming them into an automobile.

3 comments:

Anonymous said...

Value is subjective utility relative to cost in time and effort (labor). Value isn't bottomless.

Anonymous said...

What is this in reference to?

Sheldon Richman said...

It's a standalone comment about subjective value and the role of labor.