/lit/ - Literature

[Anonymous No.16510231]

For the retards here that don’t understand why economists don’t use the LTV:
>the LTV isn’t incorrect, all exchange-value comes from labor, but it is impossible to predict by how much a unit of labor will increase value without extensive knowledge of a firm and the person whose labor is being added that is not possible for anyone to acquire fully
>marginal utility makes much more accurate predictions with a lot less needing to be known
Here’s an example: you receive 4 cars despite only needing 1. The value you receive from a car decreases the more of them you get, according to marginalism. According to the LTV, they all have the same value if they had the same amount of valuable labor put into them, but to the person receiving the cars, they make no thought of the valuable labor put in generally, rather the utility they get from the cars.

[Anonymous No.16510432]

>>16510231
assuka

[Anonymous No.16510879]

Great book. An inctredible work of literature.

[Anonymous No.16510967]

>>16510879
I know right