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THE LABOR THEORY OF VALUE REQUIRES THAT A PRODUCT BE SOCIALLY NECESSARY; THAT'S TRUE; LOOKS LIKE IT TO ME; SO, IF I MAKE PIES OUT OF BERRIES THAT EVERYONE IN THE SECLUDED VILLAGE IS ALLERGIC TO, THEN THEY'RE VALUELESS BECAUSE THEY'RE NOT SOCIALLY NECESSARY; BUT, IF EXPLORERS WITH GOODS WHO AREN'T ALLERGIC TO THE PIES WANT TO TRADE THEM, THEY HAVE VALUE NOW BECAUSE THERE IS NOW DEMAND FOR THE PRODUCT; YEP; YOU DON'T UNDERSTAND MY THEORY; OKAY, THAT'S SUPPLY AND DEMAND, SO THE VALUE IS BASED ON SUBJECTIVE PREFERENCE PEOPLE HAVE FOR THE PRODUCT, NOT THE LABOR THAT WENT INTO THE PIE | made w/ Imgflip meme maker
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THE LABOR THEORY OF VALUE REQUIRES THAT A PRODUCT BE SOCIALLY NECESSARY; THAT'S TRUE; LOOKS LIKE IT TO ME; SO, IF I MAKE PIES OUT OF BERRIES THAT EVERYONE IN THE SECLUDED VILLAGE IS ALLERGIC TO, THEN THEY'RE VALUELESS BECAUSE THEY'RE NOT SOCIALLY NECESSARY; BUT, IF EXPLORERS WITH GOODS WHO AREN'T ALLERGIC TO THE PIES WANT TO TRADE THEM, THEY HAVE VALUE NOW BECAUSE THERE IS NOW DEMAND FOR THE PRODUCT; YEP; YOU DON'T UNDERSTAND MY THEORY; OKAY, THAT'S SUPPLY AND DEMAND, SO THE VALUE IS BASED ON SUBJECTIVE PREFERENCE PEOPLE HAVE FOR THE PRODUCT, NOT THE LABOR THAT WENT INTO THE PIE