(Macro) Episode 29: What is Money?
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3:57
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can anyone give me lecture on credit creation
bangash51194 10 months ago
And commodities being objective results of productive forces must have an inherent value, rather than simply a nominal value based on individual satisfaction.
patient0Studios 10 months ago
And we will likely have a spirited debate over it, but I find that in contemporary Western economics the marginal theory of labour, by denying the labour component inherent in any commodity, the economist implies that commodities simply wish themselves into existence and appear on the market. While price is subject to Supply/demand in a market-- among other factors it is foolhardy to deny the contribution of labour in the creation of a given commodity.
patient0Studios 10 months ago
I enjoy your videos, but I don't agree with your conception of value. From as early as the twilight of Physiocracy to the 1960s, no one theory of what money is has been established; and within a "free market capitalist" paradigm definitions can range from as wide as money being the universal medium of exchange, to money having value in and of itself, upon commodification or the M1,M2,M3,M4 paradigm even. My objection to your conception of value dates back to Neo-Classical economics.
patient0Studios 10 months ago
You are the best lecturer ever. Thanks a lot!
rip33333 1 year ago
thx!
kiralawliett 1 year ago