Gm world, make that cheddar
Discussion
GM, Ancap!
Values given by all those definitions correlate at very close to 1, especially in the longer-term and in the freer markets.
Yet still holy wars are fought about them online, metaphorically at least...
The cost of inputs travels backwards, up the value chain, from the end product's price. Its the end consumer that determines the price of materials they don't directly use.
Truth, if perfect information is available, or a reasonable approximation.
In a free market with perfect information, the cost, labour and market theories of value will correlate 100%
Meme never gets old
