I am familiar with the concept, but I don't feel I am knowledgeable enough to rate it's effectiveness in determining a value. I would say that as a layman, labor based value would seem to work for somethings but not everything. But, I actually believe that all systems of determining value are just rationalizations. Because the value of everything is simply what people think it is worth. That is true if you base value on labor or anything else.
Look at the gold standard. Many people will disagree with this, but I think basing the dollar on gold makes no difference. The reason is that a dollar is just a peice of paper whose value is based on what society believes it is worth. Gold is just a yellow chunk of rock whose value is also based on what society believes it is worth. The gold standard just fixes the value of paper to the value assigned to yellow rocks. It is all rationalization.
IIN I think America should move towards communism?
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True - I sometimes use the terms (socialism, communism) interchangeably, which can be confusing to some.
What is your opinion of the labor theory of value?
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VinnyB
8 years ago
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I am familiar with the concept, but I don't feel I am knowledgeable enough to rate it's effectiveness in determining a value. I would say that as a layman, labor based value would seem to work for somethings but not everything. But, I actually believe that all systems of determining value are just rationalizations. Because the value of everything is simply what people think it is worth. That is true if you base value on labor or anything else.
Look at the gold standard. Many people will disagree with this, but I think basing the dollar on gold makes no difference. The reason is that a dollar is just a peice of paper whose value is based on what society believes it is worth. Gold is just a yellow chunk of rock whose value is also based on what society believes it is worth. The gold standard just fixes the value of paper to the value assigned to yellow rocks. It is all rationalization.
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Karmasbitch
8 years ago
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