I got to remind everyone this guy is Spaniard. So he could be a propagandist subject of the Spanish royal and of her empire at the period.
He wanted people to believe less in gold, so Spain can buy more to offset their over spending and conquests. He is a belief in the sole value of human labor, same with the Vatican. He argue for tax as an excuse of a behemoth administration Spain have at the time.
Same with Smith, who is afraid of his king and other lords, carefully veered away from Shay.
@NearAbbeyRoad More lies, everyone!! I got to remind everyone that these geezers are well fluent in foreign languages, have mastered Latin in their childhood education! So it is common to see they claimed other nations as their nationality. Yes, Abbey they learned their Latin in preschool age.....just looked and analyze their policies!!
Pretty good at explaining Ricardo but it does fail to put it in prospective. Labour theory of value wrong and is known to be wrong. It took as much labour to build and 57 Ford Edsel, as a 57 Chevy but the value is different because of the subjective valuations of the public. You can teach how Ptolemy thought the earth was round and made break throughs with the earth being the center of the solar system, but don't you have to mention he was wrong. This video does not do that.
@ronwandell which value is different? use value? ie, is one car more reliable, better performing, etc? or is it exchange value, created by a restriction of supply? Or is it as a result of marketing? Each of these require labour. producing a good car takes more labour, getting hold of a rare car and maintaining it takes more labour, because of the rarity of parts, etc, and marketing requires the labour of marketers.
@oystersdontbleed The market value is different, this is what the car will fetch on the market. Building Edsels looses money because people value it less that the labor and materials put into it. That is the problem with labor value theory. It gets things backwards. A new car is valued at $25,000 not because it has so much labor in it. People put so much labor in it because it can be sold for $25,000. The price determines how much time effort and resources are put in.
The desirability of a Ford say over a Chevy car is down to the marketing. The Ford may sell for more because the public believe via marketing, the style of the body (marketing research), glamour, etc, the Ford is more desirable than a Chevy. This costs and is put into the cost of the car.
A BMW has a large amount of marketing and advertising put into its cars to make them desirable. This is run into the cost of the car. A BMW is less reliable than a Hyundai but they want BMWs
@Teller3448 Not really. Gold is rare, and occurs in low concentrations. The labour required to prospect, extract ore, leach the gold, purify and cast it, and securely transport it, takes far more labour that lead, which is relatively easy to obtain and guard in comparison.
Response to @United Pebbles not only British but interestingly Jewish too.
Alexia8574 2 months ago
I got to remind everyone this guy is Spaniard. So he could be a propagandist subject of the Spanish royal and of her empire at the period.
He wanted people to believe less in gold, so Spain can buy more to offset their over spending and conquests. He is a belief in the sole value of human labor, same with the Vatican. He argue for tax as an excuse of a behemoth administration Spain have at the time.
Same with Smith, who is afraid of his king and other lords, carefully veered away from Shay.
UnitedPebbles 6 months ago
@UnitedPebbles
Ricardo, along with Adam Smith, were English.
NearAbbeyRoad 4 months ago
@NearAbbeyRoad More lies, everyone!! I got to remind everyone that these geezers are well fluent in foreign languages, have mastered Latin in their childhood education! So it is common to see they claimed other nations as their nationality. Yes, Abbey they learned their Latin in preschool age.....just looked and analyze their policies!!
UnitedPebbles 3 months ago
@UnitedPebbles
Again..............."Ricardo, along with Adam Smith, were English."
NearAbbeyRoad 3 months ago
The free market works when not monopolized or rigged, which it is. Hence world-wide crashes because LAND & LABOUR are rigged and monopolized.
NearAbbeyRoad 4 months ago
@UnitedPebbles
"I got to remind everyone this guy is Spaniard. So he could be a propagandist subject of the Spanish royal"
He was a british economist of jewish portuguese descent. Thank you for demonstrating again how irrationally paranoid americans can become.
seppsters 3 months ago
Did it left out the market system of supply and demand?
UnitedPebbles 6 months ago
lets assume all products have now become mechanised which you could argue most things have become how do we come up with a theory?
jaguppal187 10 months ago
Was Newton 'wrong' because he did not know about black holes?
0653elhozzio 1 year ago
Pretty good at explaining Ricardo but it does fail to put it in prospective. Labour theory of value wrong and is known to be wrong. It took as much labour to build and 57 Ford Edsel, as a 57 Chevy but the value is different because of the subjective valuations of the public. You can teach how Ptolemy thought the earth was round and made break throughs with the earth being the center of the solar system, but don't you have to mention he was wrong. This video does not do that.
ronwandell 1 year ago
Much of Marxism is based on the Labour value fallacy, so you should point out it is wrong.
ronwandell 1 year ago
@ronwandell which value is different? use value? ie, is one car more reliable, better performing, etc? or is it exchange value, created by a restriction of supply? Or is it as a result of marketing? Each of these require labour. producing a good car takes more labour, getting hold of a rare car and maintaining it takes more labour, because of the rarity of parts, etc, and marketing requires the labour of marketers.
oystersdontbleed 1 year ago
@oystersdontbleed The market value is different, this is what the car will fetch on the market. Building Edsels looses money because people value it less that the labor and materials put into it. That is the problem with labor value theory. It gets things backwards. A new car is valued at $25,000 not because it has so much labor in it. People put so much labor in it because it can be sold for $25,000. The price determines how much time effort and resources are put in.
ronwandell 1 year ago
@ronwandell
The desirability of a Ford say over a Chevy car is down to the marketing. The Ford may sell for more because the public believe via marketing, the style of the body (marketing research), glamour, etc, the Ford is more desirable than a Chevy. This costs and is put into the cost of the car.
A BMW has a large amount of marketing and advertising put into its cars to make them desirable. This is run into the cost of the car. A BMW is less reliable than a Hyundai but they want BMWs
NearAbbeyRoad 4 months ago
Lead takes just as much labour to produce as gold.
Teller3448 1 year ago
@Teller3448 Not really. Gold is rare, and occurs in low concentrations. The labour required to prospect, extract ore, leach the gold, purify and cast it, and securely transport it, takes far more labour that lead, which is relatively easy to obtain and guard in comparison.
oystersdontbleed 1 year ago
thanks to you (:
californiabud 1 year ago
Thank you sooo much!!!
ELTURKO13BROOKLYN 1 year ago
This is amazing. Many Thanks to you.
Roseena2006 1 year ago
THANK YOU FOR THIS VIDEO
ciceromatrix 1 year ago