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Reply #107: And that is the fork in the road. [View All]

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leftist_not_liberal Donating Member (408 posts) Send PM | Profile | Ignore Sun Oct-07-07 01:03 PM
Response to Reply #103
107. And that is the fork in the road.
"It is empirically false that the labor that went into a good is an "intrinsic" property of that good."

As I have read, many economists seem have disregarded classical economics, the Labor Theory of Value having originated with Smith of course, while there remain those who have not, many of whom are Marxists. It's a hairy field. I don't claim to know a lot about it. By thy time my study has progressed though it will be on the other side of that fork. Studying a rigged system's minutiae and citing the studies just ain't gonna do it. I am talking political philosophy here and the key history that bankrupts the entire Austrian school, their minutiae be damned.

I appreciate you taking the time to comment on this thread in such an indepth way. The folks here obviously do enjoy and deserve that or this thread would not be atop the greatest page right now. And you provide the 'balance' everyone seems to crave so much these days in the search for credibility.

That said, what little I grasp about either the subjectivist theory of value or the labor one, I see here in the history that whatever has come into being the much larger economy and academic setting still has its roots in libertarian ideology that never would have Profited in the Marketplace of Ideas but for a multi-decade, multi-billion dollar campaign by and for the self-interested idle rich.

That's ultimately damning in my very humble opinion.

Then there is the actual state of affairs before the very average person's eyes: A capitalist controls her operations from top to bottom, and seeks to always expand them without limit. She can't stop seeking to ultimately control every resource. If she doesn't the competition will beat her to it. So the race goes on, until only a handful - the elite - control all markets. Take a look at our national electoral politics; it's reduced to a fund raising horserace. Most major industries are oligopolies - the media, for example - and only barred from becoming pure monopolies by state intervention. And barely at that.

But does capitalism pander to human emotion? Nahhh....

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