The paradox of value - Akshita Agarwal
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Date: 2020-08-22
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Comments and reviews: 10
education
Adam Smith's greatest contribution to political economy was the suggestion of the labour theory of value. According to it the exchange value of a commodity is determined by the quantity of labour that it is embodied in it. The use value is a necessary condition for the realization of exchange value but it is not the determinant of it. That's why diamonds are generally more expensive than water. An amount of diamonds equals to an amount of water requires more quantity of labour. Hence the greatest price of them.
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Adam Smith's greatest contribution to political economy was the suggestion of the labour theory of value. According to it the exchange value of a commodity is determined by the quantity of labour that it is embodied in it. The use value is a necessary condition for the realization of exchange value but it is not the determinant of it. That's why diamonds are generally more expensive than water. An amount of diamonds equals to an amount of water requires more quantity of labour. Hence the greatest price of them.
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Christy
I used these ideas to explain how a sheet of plastic can be worth more than a million dollars. If you are trapped on a dessert island and you can materialize one of two things a million dollars or a big sheet of plastic you'll probably take the plastic. With the plastic you may be able fasten some other items around the island to it and build a raft. What good is a million dollars when there is no place to spend it?
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I used these ideas to explain how a sheet of plastic can be worth more than a million dollars. If you are trapped on a dessert island and you can materialize one of two things a million dollars or a big sheet of plastic you'll probably take the plastic. With the plastic you may be able fasten some other items around the island to it and build a raft. What good is a million dollars when there is no place to spend it?
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Ankit
This is why i have always felt like economic systems are so fragile since price is fixed by the market and companies are continuously using data science to determine how much money will we spend for an item and this raises the price for poor people when producers can ignore some people in society and still get rich.
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This is why i have always felt like economic systems are so fragile since price is fixed by the market and companies are continuously using data science to determine how much money will we spend for an item and this raises the price for poor people when producers can ignore some people in society and still get rich.
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education
It seems the guy was proposing her in a desert situation. Well that's a cool idea. It'll actually help him save the money spent on buying a ring. I suppose men should consider their destination wedding at such a cost saving location!
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It seems the guy was proposing her in a desert situation. Well that's a cool idea. It'll actually help him save the money spent on buying a ring. I suppose men should consider their destination wedding at such a cost saving location!
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Orestis
The utility theory of value has not yet been proven. To be more precise, it is based on an idealistic approach of various concepts and not on scientific data and methods. It would be better to use the labor theory of value.
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The utility theory of value has not yet been proven. To be more precise, it is based on an idealistic approach of various concepts and not on scientific data and methods. It would be better to use the labor theory of value.
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Vitor
Sure it could because value is subjective, that's why Marxist s value theory is wrong and therefore every other conclusion of the Marxist work is wrong, because it's anchored in a objective value theory.
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Sure it could because value is subjective, that's why Marxist s value theory is wrong and therefore every other conclusion of the Marxist work is wrong, because it's anchored in a objective value theory.
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eklectiktoni
I just wish the video explained how to make the best choices regarding the principles addressed therein. But I guess that's a different video for another day.
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I just wish the video explained how to make the best choices regarding the principles addressed therein. But I guess that's a different video for another day.
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Pranav
Me: can't afford diamond
Also me: proposes to girlfriend in the middle of the desert, who is dehydrated, with a water bottle instead of a ring.
Iq 2000
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Me: can't afford diamond
Also me: proposes to girlfriend in the middle of the desert, who is dehydrated, with a water bottle instead of a ring.
Iq 2000
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Mz
My moms marginal utility is so low! I asked to see that great movie the second time and she was like what! We already watched it once
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My moms marginal utility is so low! I asked to see that great movie the second time and she was like what! We already watched it once
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demonzabrak
Without watching any of the video: yes, imagine youre trapped underground in a diamond mine and youre dying of dehydration.
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Without watching any of the video: yes, imagine youre trapped underground in a diamond mine and youre dying of dehydration.
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