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<blockquote data-quote="Charlaquin" data-source="post: 9517652" data-attributes="member: 6779196"><p>Well, that’s debatable. Where does this alleged excess value come from, if not the labor? Under some theories, it doesn’t; the seller simply steals a portion of the product’s value from the laborers who produced it.</p><p></p><p>Again, this depends on what theory of value you’re using. Arguably the true value of the product can’t be less than the total cost of materials plus that added by labor done on those materials. Market forces can make it so that that a product that is in high supply relative to demand might not be salable at its full value, and so the cost of labor must be partially discounted. And, yeah, that is unfair to the laborers. Some might say this is a case against the equity of market economies. On the other hand, market forces can result in a product being able to be sold at a cost greater than its true value, if demand is high relative to supply. This is good for sellers and laborers, and a case for why markets are good at generating wealth for the owners of the means of production. But it’s not great for consumers.</p></blockquote><p></p>
[QUOTE="Charlaquin, post: 9517652, member: 6779196"] Well, that’s debatable. Where does this alleged excess value come from, if not the labor? Under some theories, it doesn’t; the seller simply steals a portion of the product’s value from the laborers who produced it. Again, this depends on what theory of value you’re using. Arguably the true value of the product can’t be less than the total cost of materials plus that added by labor done on those materials. Market forces can make it so that that a product that is in high supply relative to demand might not be salable at its full value, and so the cost of labor must be partially discounted. And, yeah, that is unfair to the laborers. Some might say this is a case against the equity of market economies. On the other hand, market forces can result in a product being able to be sold at a cost greater than its true value, if demand is high relative to supply. This is good for sellers and laborers, and a case for why markets are good at generating wealth for the owners of the means of production. But it’s not great for consumers. [/QUOTE]
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