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Theory of Value
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Market prices are determined by the subjective valuations of individuals on the margin, not by the amount of labor invested in the product.
“when a stagecoach trades for a gold coin nobody there's that it's not saying a stagecoach equals a gold coin it's saying the person who gave up the stagecoach valued the gold coin more than the stagecoach that's why that person agreed to the trade”
Jordan B Peterson · Aug 2021 · 1 episode · 608K views on this topicPositions are extracted from transcripts by a model and may misattribute who said what. Every quote links to the episode it came from.
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