"Earnings are based on production, not labor. " That hasn't been the case.
Marxist/Socialist economic theory tries to tie labor to value by ignoring or obfuscating the reality that value is not some objective measurement that can be quantified by labor. Value is subjective and arbitrary. So did Lockean libertarianism... Also didn't you just say that earnings are based on production? Are they wholly subjective or not. If so what objective reason can you bring to the table to not raise the minimum wage? For example, if you exert yourself tremendously to dig a hole and fill it back up, why should anyone value that? Just because you worked your ass off doesn't mean you're providing value to anyone.
Who are these people digging worthless holes in the ground and why aren't they maximizing their labor productivity? I've never seen such a thing.
On the other hand, a man that finds a gold nugget on the beach has discovered something of value, through little-to no physical exertion, and by finding it and bringing it to the marketplace, he has added value to the economy.
What?? No. This makes no sense. You haven't added any value to the economy unless you make the assumption that gold is a priori valuable, which it isn't. To quote Warren Buffet, "Gold, however, has two significant shortcomings, being neither of much use nor procreative. True, gold has some industrial and decorative utility, but the demand for these purposes is both limited and incapable of soaking up new production. Meanwhile, if you own one ounce of gold for an eternity, you will still own one ounce at its end." Also, again what happened to your subjective theory of value?
"There is no law of economics that necessitates any correlation between labor and value. Work smarter, not harder. " is directly contradicted by "Work smarter, not harder." if one holds that labor and work as commonly understood are fucking synonymous. How long did you think on this?
no subject
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That hasn't been the case.
Marxist/Socialist economic theory tries to tie labor to value by ignoring or obfuscating the reality that value is not some objective measurement that can be quantified by labor. Value is subjective and arbitrary.
So did Lockean libertarianism... Also didn't you just say that earnings are based on production? Are they wholly subjective or not. If so what objective reason can you bring to the table to not raise the minimum wage?
For example, if you exert yourself tremendously to dig a hole and fill it back up, why should anyone value that? Just because you worked your ass off doesn't mean you're providing value to anyone.
Who are these people digging worthless holes in the ground and why aren't they maximizing their labor productivity? I've never seen such a thing.
On the other hand, a man that finds a gold nugget on the beach has discovered something of value, through little-to no physical exertion, and by finding it and bringing it to the marketplace, he has added value to the economy.
What?? No. This makes no sense. You haven't added any value to the economy unless you make the assumption that gold is a priori valuable, which it isn't.
To quote Warren Buffet,
"Gold, however, has two significant shortcomings, being neither of much use nor procreative. True, gold has some industrial and decorative utility, but the demand for these purposes is both limited and incapable of soaking up new production. Meanwhile, if you own one ounce of gold for an eternity, you will still own one ounce at its end."
Also, again what happened to your subjective theory of value?
"There is no law of economics that necessitates any correlation between labor and value. Work smarter, not harder.
" is directly contradicted by
"Work smarter, not harder." if one holds that labor and work as commonly understood are fucking synonymous.
How long did you think on this?