Theories of Value: Difference between revisions
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*Kind of calculated in [[LCAs]] | *Kind of calculated in [[LCAs]] | ||
*Doesn't entirely potray reality, but it's a "good place to start" | *Doesn't entirely potray reality, but it's a "good place to start" | ||
==Labor theory of value== | |||
*This determines the value of something based off how many hours of work go into it | |||
*This was the main model used in traditional communist theory by Karl Marx etc | |||
*This isn't very effective in modern times, mainly due to [[Mechanization of Labor]] and now the emerging [[Automation of Labor]] (See [[Post Scarcity]] ) | |||
=Internal Links= | =Internal Links= | ||
Revision as of 21:11, 19 March 2021
Basics
- In order to calculate pay, price, and many other things in a system, there needs to be some sort of way to determine the objective "value" of something
- This is a debated issue in economics, and this page goes over the various proposed theories
- Actual Economist Help/Review Would Be Appreciated, If Reading This
List
Intrinsic theory of value
- Essentially what it takes to make something / the utility it provides once created
- Kind of calculated in LCAs
- Doesn't entirely potray reality, but it's a "good place to start"
Labor theory of value
- This determines the value of something based off how many hours of work go into it
- This was the main model used in traditional communist theory by Karl Marx etc
- This isn't very effective in modern times, mainly due to Mechanization of Labor and now the emerging Automation of Labor (See Post Scarcity )