From: Ian Hunt (ian.hunt@FLINDERS.EDU.AU)
Date: Sat Sep 01 2007 - 22:13:43 EDT
This is just too easy to mean anything to anyone who wants economic theory to be scientific, Cheers, Ian >On Wed, 2007-08-29 at 15:01 -0700, ajit sinha wrote: > >> Then thinking economists will have to become >> non-thinking economists! Let's suppose I bought a >> Picaso painting 10 years ago for 1 million dollars and >> sell it today for 10 millions. Where did the surplus >> labor come into Picaso's painting that I was keepin in >> a locker in a bank? First tell me what, according to >> you, would be Marx's answer since I presume we are >> talking about Marx's concept of surplus labor. Then >> you could tell me what would be your answer if you >> disagree with Marx's answer. Cheers, ajit sinha >> >> >Hi Ajit, > >Marx? Things can have a price but no value? A very dubious proposition >IMHO. > >Me? Easy peasy. > >As one of the filthy idle rich who dabble in the art market you count as >self-employed. The market has valued your productive labour (thirty >minutes toil at the auctioneers to buy the Picasso and another thirty to >sell it) at (the value of) 9 million dollars. If the value of money was >a constant 0.1 hours per dollar, your socially necessary labour time was >900,000 hours. > >It is difficult with the self-employed to split wages from profits. >Taking a 50-50 split you have been earning an hourly wage rate of 4.5 >million dollars. > >Scott Fitzgerald once said "the rich are different from us". Hemingway >should have replied "yes, they have better wages". > > > > > > > > > > > >___________________________________________________________ >All new Yahoo! Mail "The new Interface is stunning in its simplicity >and ease of use." - PC Magazine >http://uk.docs.yahoo.com/nowyoucan.html -- Associate Professor Ian Hunt, Dept of Philosophy, School of Humanities, Director, Centre for Applied Philosophy, Flinders University of SA, Humanities Building, Bedford Park, SA, 5042, Ph: (08) 8201 2054 Fax: (08) 8201 2784
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