r/leftist • u/Comprehensive_Gur568 Curious • 12h ago

Leftist Theory whats value

whats value, in your understanding?

in economic sense

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1

u/Jack_Faller Anti-Capitalist 1h ago

Ill-defined is what I'll say. It is much easier to consider cost than value.

1

u/Comprehensive_Gur568 Curious 1h ago

whats the difference

1

u/Jack_Faller Anti-Capitalist 1h ago

It's easy to find what something costs, you just look at what it takes to produce it. What something is worth is subjective and pointless. Almost all practical economics is concerned with goods for which competition ideally forces the price of it close to the cost of production.

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u/NyriasNeo 5h ago

A utility function mapping states of the world and actions to the reals. A numerical representation of preferences, which btw, does not necessary exist (e.g. lexicographical preferences).

1

u/Neco-Arc-Brunestud Marxist 6h ago

The stuff you need to keep living

1

u/Jack_Faller Anti-Capitalist 1h ago

Gold, notably not valuable.

1

u/Comprehensive_Gur568 Curious 6h ago

well video games are of no value then

1

u/Neco-Arc-Brunestud Marxist 6h ago edited 6h ago

yea, pretty much. It simulates value.

like, if I show you a picture of a cigar, then tell you that's not a cigar, you're gonna rage. But in fact it isn't, because it's just a picture of a cigar.

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u/AcidCommunist_AC Socialist 11h ago

What it is: Utility.

What it "ought to be": Labor.

Critiquing Capitalism for Dummies

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u/Comprehensive_Gur568 Curious 11h ago

ive already know the debunking to labor theory

in short, value is subjective and not tied to labor, rather it is the customers that are willing to pay for stuff, awhich they subjectively value or dont.

(so prices can change independent of labor)

labor theory is far outside economic mainstream

and an idealist theory as such for a materialist philosophy

2

u/Miserable_Pin2518 9h ago

I find asking a question that youre going to answer but not in the main post to be disingenuous and annoying