: : Tell me. What is the labor value of a whip-socket on the automobile of your choice? Or an air-conditioner to an Eskimo in Alaska? Or whale oil to a Londoner? (Doc: "Labor value" ceases to have 'value' once the labor has been expended. It becomes the task of the merchant to recoup that loss. The labor still 'cost' something to the merchant, however - a tip of the hat to Mr. Stoller in this regard.
We might safely infer that, barring socialist interference, the Eskimo will remain blissfully unaware of the significant labor value involved in the aforementioned "air-conditioner". He would likely base his allocation of funds directed at obtaining this commodity on other, less ideologically sound criteria.)
: Never less than the cost of materials + labor that went into it. Otherwise price tags would yield to informal bartering across the world.
D.C.: This informal bartering being called "trade". Although it certainly makes sense to sell goods for more than they cost to make. As 'human' labor costs rise, expect capitalists to turn to other alternatives.
A more 'formal' means might be found in the various stock markets of the world.
: Ever heard of the concept 'selling at a loss'? Market-theory doesn't explain how such a condition could be MEASURED, does it? Yet any capitalist will tell you such a (dreaded) state of affairs does exist!
D.C.: I was under the impression that 'selling at a loss' would be measured in regards to the difference in the selling price and the cost of manufacture. What a market-theorist might tell you is that these costs would fluctuate in relation to the incidental value placed on these commodities at the moment of purchase. After the sale, of course, the costs are constant figures. Thus, the affair known as 'salesmanship' (opportunism?): the talent of arranging high selling prices and low costs of manufacture for the product merchandise.
At least, that's the way I see it.
: Think before you post.
D.C.: Thank you for that most enlightening suggestion. One would hope it becomes a 'universal constant'.