Philosophy by David Ian Bennett. (Mobile only)

Value theory- economics. V = C

What is value and where does it come from? - It is compliance and it comes from other people. (Not the buyer).

To be able to better organise ourselves and create a more just political system we first need to delve back inside the microcosm that is value.

Value is other people's compliance it comes from people's sacrifice when they they comply with requests (can be measured as compliance cost). Labour theory of value is incorrect. It does not take in to account people's psychological sacrifice as it only measures one hour of a workers time and treats all of them hours the same, without taking in to account a workers personal preferences or choice it means authoritarianism has to be built in to a marxist socio economic political system. I give the example of the hourly rate of a prostitute versus a shop keeper and I argue the prices for one hour spent with a prostitute is higher due to there being greater inherent value in the service they are providing. Any theory of value must account for this. I also argue against items having intrinsic value. You must control the item for it to have value to you. Think about a hammer floating off in to space.

In a state of nature there is value in what we can control but with the rule of law people are agreeing to allow for property and to not utilise resources "owned" by someone else. So this social agreement means people incur a compliance cost by leaving other peoples property alone. Services are obviously compliance but ownership of goods really are also just compliance as well. I talk about compliance cost which can be measured with my scale (CC), utility which is intrinsic value plus having control over the thing and price. I have been able to derive price from an input. My theory of value is objective/ subjective. Compliance cost can be measured by offering people compensation and then finding the average.

My friend has come up with a nice formula to describe how I am deriving price from an input.

CC = p - U