<:GWcfcThonk:357907199928041473>

because the goods have value not determined by labor

like time preference

what do you mean "have value"

Have use? have utility?

they are worth more labor currency

you pay more

What do you mean "worth"?

dawg

fucking commie semantic games

to whom?

To whom are they worth more?

to someone that wants it

I don't want it at all, thus they are worth zero to me. So are they worthless?

Someone else may sell his soul for them, so they are worth everything for him. So are they priceless?

if someone wants it

it has value

if no one wants to pay for ite it doesnt have value

The only way the idea of what something is worth is if you ask what it is worth to the whole market,

sure

Economics isn't about what some individual wants or thinks, but about the economy as a whole

micro vs macro

whats your point

If yo

If we are talking about the economy as a whole, that's where LTV applies. Its a macro level theory, talking about aggregates

LTV doesn't apply on the micro level

LTV isn't some theory about the psychological make of individual wants and desires

It assumes that people have all sorts of needs as a given, and does not seek to explain those needs.

"A commodity is, in the first place, an object outside us, a thing that by its properties satisfies human wants of some sort or another. The nature of such wants, whether, for instance, they spring from the stomach or from fancy, makes no difference.[2] Neither are we here concerned to know how the object satisfies these wants, whether directly as means of subsistence, or indirectly as means of production. "

you arent really saying anything

the value of money comes from work

I think that modern economics masquerades as a psychological science sometimes, trying to give an account of individual behavior and actions

but commodities cost more than the labor put into them

A commodity is made up of labor and other commodities

so yeah its a part of the cost but its not the value

like time

those other commodities are also made up of labor and other commodities

and so on and son

until you get to commodities that are made up of nothing BUT labor

thats a stretch

and its inconsequential

because price is what matters