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Podcast: New Discourses
Episode: Introducing the Problem-Solving Theory of Value
Description: The New Discourses Podcast with James Lindsay, Ep. 192
What makes something valuable? How do we determine value? One hypothesis on value is famously forwarded and relied upon by the Marxists. It is called the "Labor Theory of Value," and it insists that labor is what transforms raw materials into something "humanized" and therefore of value. Therefore, in this theory, labor is what makes something valuable. Of course, this theory has not proved to be adequate for economic purposes, which is just another part of why Marxism is an abject failure even as an economic doctrine (aside from everything else). The...