Thursday, June 14, 2018

Economics, Absolute, Relative

As has been previously discussed, Use-Value is relative to the user, e. g. the value of a piece of bread to someone who is hungry vs. to someone well-fed.  But the same holds true of some money, and what it can purchase e. g. $10, and a $10 item, to a poor person vs. to someone well-off.  Hence, Exchange-Value is also relative to a spender.  And, indeed, Labor-Value is relative to the laborer, e. g. a weaker person exerts themselves more chopping wood than a stronger one.  Thus, a theory of Economics that fails to take into account Relative-Value is vulnerable to the same criticism as the Absolutist Physics that might have inspired it. Furthermore, since these Relative-Values are also personal, Absolutist Economics can be accused of de-personalization.

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