Someone from Chico came up with the idea of the pet rock. The value, I presume was very low, ignoring the packaging and shipping assuming a mechanical process for scooping a large number of rocks an the same time. the pet rock had an exchange value, far in excess of what would be suggested by its value.
Use values for capital goods might well have some correlation with their values. For example, a hammer might be a more efficient tool than a rock. One might measure the use value of the hammer by the reduction in the socially necessary abstract labor time when using a rock to perform his job. Ricardo pointed out paintings as examples of exchange value far in excess of the labor embodied, although he never took abstract labor into account. Of course, we have no way of quantifying the abstraction process. here is an example from football, where large sums of money are invested in attempting to determine how much abstract labor each player produces: Resutek, Brian. 2013. "Colts Land in a Lucky Spot." Wall Street Journal (19 April). http://stream.wsj.com/story/latest-headlines/SS-2-63399/SS-2-214458/ "Since 2002, players chosen with the No. 24 pick include nine-time Pro Bowl safety Ed Reed, three-time Pro Bowl running back Steven Jackson and Super Bowl XLV MVP Aaron Rodgers. Seven of the last 11 players taken in the 24th slot have made a Pro Bowl team. By comparison, only six of the last 11 No. 1-overall picks have been Pro Bowlers. The Pro Bowl success rate of the 24th pick is only matched by the No. 2, 3 and 11 spots in the first round. In fact, more Pro Bowlers (18) have been drafted in picks 24 through 27 than in the first-round slots of four through seven (16), since 2002. Of the players selected to the Pro Bowl who entered the league since 2002, 42% were drafted in the first round. But after that, teams can pretty much find their all-stars from anywhere. Second-round selections (15%) and undrafted players (14%) have been selected to the Pro Bowl in near equal numbers. In fact, undrafted players have made more Pro Bowls than players drafted in rounds 5-7 combined." -- Michael Perelman Economics Department California State University Chico, CA 95929 530 898 5321 fax 530 898 5901 http://michaelperelman.wordpress.com
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