The labor theory of value........The Treasure of Sierra Madre

[Twisted Titan]

Listen to Ponces older brother Tell us about Gold and Labor ;D





http://www.youtube.com/watch?v=EQyqvFVe4Y4

[willie pete]

Listen to Ponces BABY brother Tell us about Gold and Labor ;D





http://www.youtube.com/watch?v=EQyqvFVe4Y4




one of my Favorite movies AND actors... :D

[Twisted Titan]

The way how he broke down the math and the true of cost of what a oz of gold is was absolutely amazing

Now you begin to understand why that "barberous relic" holds the spell that it does down through the centuries

[Ponce]

Loki lik Ponce's broter no wana speky....no linki

[Book]

Listen to Ponces older brother...



http://www.youtube.com/watch?v=VqomZQMZQCQ

...tell us about badges and the rule of Law.

:)

[TheNocturnalEgyptian]

This movie is worth your time to watch, or at least, I really loved it, and the entire thing is on youtube.

http://www.youtube.com/watch?v=-DTdpFAuSSY&NR=1

[BillBoard]

Ah, nothing like Gold fever. It is not until you have Gold fever and survive it that you realize something inert has a life of its own.

Slowly that pile of Gold you accumulate will call more Gold to itself, taking your life and making it its own... Food for thought.

[Silver Shield]

If I get anymore silver fever I will turn blue.

[Twisted Titan]

This movie is worth your time to watch and the entire thing is on youtube.


I will do......it looks great

[Olmstein]

Ah, nothing like Gold fever. It is not until you have Gold fever and survive it that you realize something inert has a life of its own.

Slowly that pile of Gold you accumulate will call more Gold to itself, taking your life and making it its own... Food for thought.


Bogart is great in this movie, slowly going insane with gold fever.

I just watched this movie again last week, a true classic.

[Orion]

It warrants noting that the labour theory of value (LTV) is utter bunk ever since Aquinas decided to play amateur economist. I have no clue why it is part of the title of this thread.

[TheNocturnalEgyptian]

Orion, I have a special dislike for Aquinas after reading his Summa Theologica, but you sound as though you are claiming that manhours are not money. When it comes down to it, isn't every valuable good dependent on the prime mover of manhours?

[Orion]

No, it is not, because the value of a good is fundamentally independent of the cost of its labour input. Value, as determined by price, is a function of supply and demand i.e. subjective preferences of individuals (Menger et. al.)

[TheNocturnalEgyptian]

No, it is not, because the value of a good is fundamentally independent of the cost of its labour input. Value, as determined by price, is a function of supply and demand i.e. subjective preferences of individuals (Menger et. al.)


I'd agree to that in some cases, and I'd further suggest that not all men have equal labor, and that value cannot be a direct function of labor in a society - only can it be determined at an individual level. The point I am massaging here is that labor is a prime mover of any good - no goods exist without it. You can't just discount the labor entirely as it is the basis of all capital. The labor doesn't set the value, but it does allow the value to exist.

The vid in the OP is making a point about how hellish mining is. His main point is that every failed mining venture pushes up the value of the few mining ventures which are successful. This is your supply/demand in action.

[Orion]

No, it is not, because the value of a good is fundamentally independent of the cost of its labour input. Value, as determined by price, is a function of supply and demand i.e. subjective preferences of individuals (Menger et. al.)


I'd agree to that in some cases, and I'd further suggest that not all men have equal labor, and that value cannot be a direct function of labor in a society - only can it be determined at an individual level. The point I am massaging here is that labor is a prime mover of any good - no goods exist without it. You can't just discount the labor entirely as it is the basis of all capital. The labor doesn't set the value, but it does allow the value to exist.

The vid in the OP is making a point about how hellish mining is. His main point is that every failed mining venture pushes up the value of the few mining ventures which are successful. This is your supply/demand in action.


Labour, and thus your point, is a red herring. Value is determined by supply and demand, how the goods come into the market is another matter.

Failed mining ventures increase the value of successful operations in that quantity supplied is lower, thus increasing the equilibrium price of the commodity. This is not the explanation given in this video, rather, it is based upon the debunked labour theory of value.