Capitalist Crisis 2009 - 2/8

[Surhotchaperchlorome]

In all seriousness, cool story bro.

[PanzerDivisionBOM]

How can this guy go from observing the "privatization of profit and socialization of liabilities", to thinking that there is a free market?

"The market" has had little to do with how children are educated, or how the elderly are cared for, or how you will find your next job - those have been the realms of school boards, the AMA and protectionist unions, respectively.

But then, the guy presumably does believe in intrinsic value theory, so maybe I was expecting too much consistency.

[Surhotchaperchlorome]

@PanzerDivisionBOM

Well, he IS a communist, so (more specifically) he likely believes in the long debunked labor theory of value.

[dialectical44]

@Surhotchaperchlorome

"long debunked" In other words i can't form my own critique or counter argument,, So yay! I get to use the verb "debunk"

[dialectical44]

@PanzerDivisionBOM

I assume by "this guy" you are referring to Karl Marx? What are you smoking by the way?

[PanzerDivisionBOM]

@dialectical44

I meant the speaker in this video.

Marx also accepted intrinsic value theory, but I think he can be at least partially excused on the grounds that the Marginal Revolution began late in his life, and very few economists of his time knew of the older, continental Cantillion-Torgot-tradition. If anything, he should be most vehemently criticized for the spurious reasoning with which he attempts to prove intrinsic theory, from which most of his later errors followed.

[shanedk]

Um...am I hearing this wrong, or does this guy not even understand the difference between money and capital?

[ProletarianCPGBML]

I think perhaps, its your hearing.

[laodongICY]

good work harpal brar ^^