re: #300 HappyWarrior

I’m no communist or even a socialist but I’d like to see someone talk about how labor makes this all possible. It’s one thing to create jobs. It’s another to actually do those jobs.

The Labor Theory of Value does this though we dare not even whisper it since it is associated with Marx & his analysis of Capital. The irony of course is that he was building on the ideas of Adam Smith and David Ricardo. Only with labor, in a social context, can value be created. It can then be traded for many things and that’s where the confusion comes from but it’s creation is simple: “the economic value of a good or service is determined by the total amount of socially necessary labor required to produce it, rather than by the use or pleasure its owner gets from it.”