Julien, since you are back on the list posting stock market reports and
other economist oriented gatherings with Mark, I thought it might be of
interest to strike up a discussion about the defunct 'labor theory of
value".
I call this a defunct theory, in spite of the fact that it has adherents
everywhere. Still, nature tends to give the lie to the assertion
that only 'labor' produces value.
Most value is actually created by chemical processes such as nature
produces, without any help from humankind, what-so-ever. The sun,
the wind, and the volcanic processes below, all are producing gigantic
value, even as I write!
Have there been any efforts to quantify mathmatically and statistically
these values, and enter them into the economic activity reports
available to earth's great thinkers? If not, it appears that all
our equations might be a tad skewed into nonsense.
Welcome back onto the CrashList.
Sincerely, Tony
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