To be asking these questions you lack fundamental economic knowledge and you should really educate yourself.

WalterBright 2 hours ago | parent | next [-]

Read my responses here.

I did, which made me come to this conclusion. You seem to think value is created by extracting money from a product, while value actually is created by the work it takes to create said product. How much money one does extract has nothing to do with a products value. In your Tailor Swift example earlier, the value was created by her recording the music, not by her selling tours.

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satvikpendem an hour ago | parent | next [-]

The value is absolutely in how much you can sell it. Otherwise every startup that subscribes to the "build it and they will come" philosophy would've been successful, which is obviously not the case and is a common problem that YC specifically tells founders to look out for. There is no value in building anything if you cannot convince others it is valuable. The labor theory of value is not valid.

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sevenzero an hour ago | parent [-]

Thats a beyond retarded way of looking at things, but it doesnt surprise me on HN/YC. Capitalist fucks everywhere.

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satvikpendem an hour ago | parent [-]

An obviously flaggable comment will get flagged. If you can't say anything other than that then I'm not sure why you'd reply. And anyway, if you can't understand why digging ditches all day is not valuable (after all, look at all the hard work they're doing!) then I'm not sure what to tell you. It's a shame, 4 month old account but still succumbs to comments like this, not sure how HN moderation can fix that.

	▲	sevenzero 43 minutes ago \| parent [-]
		Cry me a river

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WalterBright an hour ago | parent | prev [-]

> value is created by extracting money from a product

Nope. It is created by creating something valuable that other people want to pay for.

> value actually is created by the work it takes to create said product

That's the Labor Theory of Value, which is a Marxist tenet and has been thoroughly discredited. For example, a CEO can decide to take Bunker Hill, or take Sausage Hill. If he picks the more profitable hill, he created more money, with the same amount of labor.

> the value was created by her recording the music, not by her selling tours.

Nope. It was selling tickets to her concerts that made her a billionaire, not her music. That's why she did the concerts.

BTW, why do you think that some concerts charge more for tickets than other concerts? For the same amount of labor setting up the concert?

	▲	satvikpendem an hour ago \| parent \| next [-]
		Indeed, I don't understand how anyone can seriously believe in the LTV anymore, as if someone digging holes should be as valuable in the economy, all else equal, as someone building something valuable. But that's what LTV proponents would have you believe apparently.
	▲	sevenzero 30 minutes ago \| parent \| prev [-]
		>He created more money xd sure thing

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satvikpendem an hour ago | parent | prev [-]

"Educate yourself" is almost always a shibboleth that the speaker of the phrase actually doesn't even know how to explain it to someone. It is a phrase of moral superiority and is not interested in whether the other person actually educates themselves or not. Or they might educate themselves and come to the opposite conclusion as you, in which case, maybe you should have educated (or indoctrinated) them first.

https://www.persuasion.community/p/why-i-refuse-to-educate-m...

	▲	intended an hour ago \| parent [-]
		The user in question, begins with assumptions on how wealth and markets work that do not match anything I know of in economics. At one point they say that in a market economy there is no theft. At another point they say that wealth concentration does not occur. To begin to explain how they are working, I would have to invest in understanding the specific ideological framework they are using. Then figure out how to translate normal terms into their model. This is a degree of care and effort I spend on people I love and care deeply about. There is a threshold after which “educate yourself” is a genuine and reasonable statement, because the average person does not have the above average capability required to disentangle the motivated reasoning of a commenter.