| Re: Why We Don't Celebrate A "Capital Day" |
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Group: alt.philosophy · Group Profile
Author: PubliusPublius Date: Sep 19, 2008 19:12
> I'm still waiting for him to answer the question how raw, undeveloped
> land can be valuable - sometimes in the millions of dollars. Where's
> the "labor" in the value?
Tim solves the problem of missing labor by expanding the notion of "labor"
to include any human interaction with a good. I.e., I invest labor in a
diamond-laden meteorite by noticing it lying in my back yard. An assessor
imparts value to land by assesing it. He does not seem bothered by the
question of how 5 minutes (or even 5 seconds) of "labor" thus defined can
generate millions of dollars in value, or that he thus trivializes his
theory.
The labor theory of value is his story and he's sticking to it. :-)
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