Making something artificially scarce. Like access to books, AI or oil fields, or taxi licenses, or real estate.
But that doesn’t invalidate everything Marx said about labor, it just adds to it.
Note I’m not an economist.
Supply side economics is also proved to be incomplete and it’s still the only way central banks try to stimulate the economy, by flooding the market with cheap money in the hopes capitalists grab it and use to produce more things. Sometimes they just put into their Cayman accounts, and central banks just doubles down.
Marx already spoke about artificial scarcity and rent, though. None of that invalidates Marx’s critique, they are already accounted for. I think the other user is mixing up Marx’s Law of Value with Adam Smith’s Labor Theory of Value.
Edit: Marx (and similar theorists before him) do a better job describing Capitalism compared to those whose paychecks depend on them not understanding / distorting it.
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Bro just watched tech billionaires coup the US government and he still doesn’t understand the problems with the concentration of wealth.
I’m looking forward to everybody getting red-pilled on Marx in the coming months.
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In what manner is Marx’s Law of Value wrong?
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Can you provide an example?
Making something artificially scarce. Like access to books, AI or oil fields, or taxi licenses, or real estate.
But that doesn’t invalidate everything Marx said about labor, it just adds to it.
Note I’m not an economist.
Supply side economics is also proved to be incomplete and it’s still the only way central banks try to stimulate the economy, by flooding the market with cheap money in the hopes capitalists grab it and use to produce more things. Sometimes they just put into their Cayman accounts, and central banks just doubles down.
Marx already spoke about artificial scarcity and rent, though. None of that invalidates Marx’s critique, they are already accounted for. I think the other user is mixing up Marx’s Law of Value with Adam Smith’s Labor Theory of Value.
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https://en.wikipedia.org/wiki/The_purpose_of_a_system_is_what_it_does
Edit: Marx (and similar theorists before him) do a better job describing Capitalism compared to those whose paychecks depend on them not understanding / distorting it.