Labour Theory of Value – Marginal Utility

[jondwhite]

http://topworldnewss.blogspot.co.uk/2012/04/top-16-most-expensive-in-world-of.html

Does this demonstrate the folly of marginal utility?

[DJP]

In mainstream economics 'Marginal Utility' refers to an increase or decrease in utility following the consumption of an additional unit of a good. I fail to see what that article has to do with it?

[jondwhite]

I don't get value theory.

[DJP]

Perhaps listen to the Hardy talk on the labour theory of value.http://www.worldsocialism.org/spgb/audio/labour-theory-valueOr if you have any specific questions I could try to answer them

[Young Master Smeet]

DJP wrote:

In mainstream economics 'Marginal Utility' refers to an increase or decrease in utility following the consumption of an additional unit of a good. I fail to see what that article has to do with it?

Well, I suppose the utter uselessness of Californium, and several other of the items on that list illustrates the Diamonds half of the Paradox of Value (http://en.wikipedia.org/wiki/Paradox_of_value) note, the apparent solution of the problem, by Marginalism, is, to my mind, unutterable bunkum.  Diamonds are precious because they are rare, but they are only rare because they are desired.  Since they have no otehr use, it is their value that makes them desirable.

[DJP]

..But the prices given for 1 and 2 in the list are production costs, not market prices – they are not (yet) marketable commodities.

[DJP]

I like most of Brendan Cooney's stuff. His new introduction to value and price seems pretty clearly written to me:http://kapitalism101.wordpress.com/2012/12/15/value-price-a-draft-script/

[Author]

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