*On the Labor Theory of Value *
*Walter Huston’s explanation of the Labor Theory of Value in “The Treasure of the Sierra Madre”* A rather amusing muse on the value of gold (and any commodity) comes with Walter Huston’s explanation in “The Treasure of the Sierra Madre” in which he, a grizzled old veteran prospector enlightens Humphrey Bogart and Tim Holt in a miner’s flop house in Mexico: “ Real bonanzas are few and far between. They take a lot of finding. Answer me this one, will ya, ‘Why is gold worth some 20 bucks an ounce?” “ I don’t know…because it’s scarce?” “ A thousand men, say, go searching for gold. After 6 months, one of ‘ems lucky. One out of a thousand. This one represents not only his own labor but that of the other 999 others to boot. That’s, er, 6000 months, that’s 500years scrabbling over a mountain, going hungry and thirsty. An ounce of gold, Mister, is worth what it is because of the human labor that went into the finding of it and the getting of it.” “ I never thought of it just like that.” “ There’s no other explanation, Mister.” Mister, there’s no other explanation. Video: http://www.youtube.com/watch?v=boUD5eG9Bf4 ( http://www.youtube.com/watch?v=boUD5eG9Bf4 ) -=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#8008): https://groups.io/g/marxmail/message/8008 Mute This Topic: https://groups.io/mt/82089175/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. -=-=- Group Owner: [email protected] Unsubscribe: https://groups.io/g/marxmail/leave/8674936/21656/1316126222/xyzzy [[email protected]] -=-=-=-=-=-=-=-=-=-=-=-
