The neoclassical economist in practice make the distinction of the commodity-value and the commodity price. The value of pearls are high because productivity is very low, since the extraction had low output per worker. Now the price was even higher than the value, because supply was low. That is completely consistent with the labor theory of value. Once pearls started to be farmed, the same worker can car for a lot of oysters and productivity rise and the value goes down. Which it did.
@constablekohler I had noticed in the latest vids, one with the judge in it, and the other vid about Mises that a lot of girls seemed to sit at the back. At the start of this vid i only seen a couple so was naturally disappointed. Plan was if i ever get to Mises Inst to sit in the back where i could eye up the candy, but a sample of two(or even 3) is not enough to create a theory. But im taking notes on these next ones. So lets just call it a working hypothesis.
@NicosMind I see. well you know it might not be a bad place for that. I don't remember who it was exactly, but I'm thinking it was Bob Murphy who said he met the woman who became his wife at one of these Mises Institute gatherings.
Only one or two girls at the back of this room... My theory doesnt look to be panning out. Plus at the back of that room i couldnt read shit! Oh well hope this turns out good. They usually are :)
very good lecture. congratulations from Brazil
This is a very cool lecture. Thank you for explaining IN HISTORICAL CONTEXT something I never quite understood. Thank you very much. Best!!
Salerno is awesome!!! Best economist at mises.org, Alabama. Salerno to Nobel!!!!
The neoclassical economist in practice make the distinction of the commodity-value and the commodity price. The value of pearls are high because productivity is very low, since the extraction had low output per worker. Now the price was even higher than the value, because supply was low. That is completely consistent with the labor theory of value. Once pearls started to be farmed, the same worker can car for a lot of oysters and productivity rise and the value goes down. Which it did.
At the end, not everyone likes or needs pearls. The price still is a function of the market demand.
very good lecture.
30:45 mises ulterior motive trying to erase the objectiveness of value
@constablekohler I had noticed in the latest vids, one with the judge in it, and the other vid about Mises that a lot of girls seemed to sit at the back. At the start of this vid i only seen a couple so was naturally disappointed. Plan was if i ever get to Mises Inst to sit in the back where i could eye up the candy, but a sample of two(or even 3) is not enough to create a theory.
But im taking notes on these next ones. So lets just call it a working hypothesis.
@NicosMind I see. well you know it might not be a bad place for that. I don't remember who it was exactly, but I'm thinking it was Bob Murphy who said he met the woman who became his wife at one of these Mises Institute gatherings.
@constablekohler I can remember hearing someone say that though i cant remember too. I think ive seen every video on MisesMedia :)
@NicosMind what theory are you talking about? what's your theory???
Only one or two girls at the back of this room... My theory doesnt look to be panning out. Plus at the back of that room i couldnt read shit! Oh well hope this turns out good. They usually are :)
Amazing, these people actually call themselves economics !
Wrong spelling😊