Thanks for sharing 😃!
Nicely argued.
Just one thing I believe that person got wrong:
“Value ($) = Time * Expended Energy”
This is basically Marx’ labor theory of value which is one of the root fallacies in socialist economics.
Value lies in the eyes of the beholder. While time and expended energy are objectively measurable.
The misconception that value could be objectively measured is I think one of the reasons why the MMT guys constantly come up with new pointless models and mental gymnastics.
In reality value is subjectively assigned by a human mind that follows its own and individual purpose.
Oliveira /
npub1yx4…n7zl
2024-05-04 06:51:37
in reply to nevent1q…qp8u
Author Public Key
npub1yx4luextdukmutxdeq3mh52gqvp2uqefmuvcjsjs7qgtdyz2dg2sxun7zlPublished at
2024-05-04 06:51:37Event JSON
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"content": "Thanks for sharing 😃!\nNicely argued.\n\nJust one thing I believe that person got wrong:\n\n“Value ($) = Time * Expended Energy”\n\nThis is basically Marx’ labor theory of value which is one of the root fallacies in socialist economics.\nValue lies in the eyes of the beholder. While time and expended energy are objectively measurable. \nThe misconception that value could be objectively measured is I think one of the reasons why the MMT guys constantly come up with new pointless models and mental gymnastics.\nIn reality value is subjectively assigned by a human mind that follows its own and individual purpose.",
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