An effective measure of the value of a potential purchase is to convert its price from currency to hours of work required to afford it.
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Replying to @G_S_Bhogal
Isn’t that the basis for a socialist economics: labor theory of value?
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Replying to @ShineboxHukster
It's also a basis for the liberal capitalist theories of Adam Smith and others.
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Replying to @G_S_Bhogal
Now you got me skimming my copy of Marx’s Critique of Political Economy so I can blithely defend bourgeois relations of production & the irrational aspects of surplus or exchange-value. What would Gaugin’s Two Tahitian Ladies be worth in a socialist system? Could it be mortgaged?
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Replying to @ShineboxHukster
Capitalist or socialist, an item's value will finally settle at what a given individual is willing to give for it. Hence the rise of Jangmadang in North Korea, etc.
7:33 AM - 29 Sep 2018
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