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#303 – Steve Keen: Marxism, Capitalism, and Economics

Lex Fridman Podcast

NOTE

Value Springs from Labor, Not Land

Value originates from labor and effort rather than from natural resources such as soil. Manufacturing transforms resources into different forms without adding value according to classical economic thought, which posits that the true source of value is the labor invested in the production process. The price of goods reflects the relative effort required for their creation, highlighting that value is objective and can be quantified based on the labor involved.

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