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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.
Value is subjective utility relative to cost in time and effort (labor). Value isn't bottomless.
ReplyDeleteWhat is this in reference to?
ReplyDeleteIt's a standalone comment about subjective value and the role of labor.
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