Re: I'm forever blowing bitcoin
The Labour Theory of Value isn't mainstream economics.
The Labour Theory of Value is as flawed as Intrinsic Value. More so, in fact.
I think that's from Marx, if I remember correctly.
I think you're correct, too. Heinlein used it as an example of something Marx got very, very wrong. Heinlein's example was of apples, sugar, flour and water. In the hands of a good chef you get a delightful pie; in the hands of an incompetent you get an inedible mess. The incompetent may have spent more time than the good chef, so according to Marx the inedible mess is worth more than the pie.
Labour Theory of Cost is workable (not necessarily useful, but you don't get obviously insane answers: it did cost more to produce the inedible mess than the delightful pie). Labour Theory of Value is nonsense (you should pay more for the inedible mess than the pie).
Biting the hand that feeds IT
