: I covered marginal preference theory, and made points against it- and even if true, its a damning indictment of cpiatlism in and of itself.
SDF: RD, could you cite a Web Page where you "covered marginal preference theory"?
: :Just a simple example which renders false the labor theory of value would be the "diaomond case". Suppose a person finds a diamond on the beach. This person would be payed quite handsomely, yet very little work was done. Really, value is nothing more than a figure respresenting the amount of work saved by the person purchasing the service or good
SDF: Doesn't this last sentence represent another labor theory of value? Funny, I seem to remember reading something like this on a Ricardo page on the Web, and David Ricardo (as I recall) was the ORIGINATOR of the Labor Theory of Value. What's the difference between Ricardo and Shannon?