Originally Posted by
Koyote
Completely false.
Labor time is one factor in determining market value, but there are many other others. Countless examples disprove your claim. As I noted above, Karl Marx – and many other smart people – tried to prove your assertion and failed.
Then why does a neurosurgeon earn so much more money for his workday than, say, a welder?
Sorry, but your theories are about 250 years out of date.
Bike builder Jones works a 40 hour week, does all his welding/brazing/painting by hand and turns out one bike a week which he sells for $1,000.
Bike builder Smith buys $200k in automated tooling. Working the same 40 hour week Smith turns out 5 bikes. By that labor theory, Smith's bikes should sell for $200. Great for the consumer.
But why should Smith buy or finance his $200k investment in tooling? That investment has a real cost but Smith gets the same pay as Jones.
So you say the solution is have the state buy the $200k tooling and give it to Smith (or maybe Jones depending on whom is favored) then both Smith and Jones are happy, right? And there isn't any cost if the state buys the tooling, right?