Intrinsic theories of value holds that there is an objectively determined correct value for objects that can be determined without reference to individual value judgement, and that can be determined via analysis of the production of objects.

The labor theory of value for instance holds that an object's value can be determined by analyzing the amount of labor required by production.

The subjective theory of value holds that for an object to be valuable it must be both scarce and useful, with the amount of value to be determined by the ability of the object to satisfy the criteria of an individual and the willingness of this individual to purchase said object.

In other words the value of an object is determined by the price it can get on the open market.

Which theory do you agree with and why?

Subjective.

Though labor is added into the subjective equation through the scarcity factor. If only one man can do a particular job, he becomes rather valuable.

Ex: Construction worker versus Engineer. The labor a construction worker produces can very easily be replaced by another person. Not so for engineers. That's why they get paid more.

Excellent point.

That is where mutualist anarchist stray from anarcho-capitalist. The labor theory of value makes absolutely no logistical sense.

Yeah, I think it is nonsense as well.

Logistical sp logical, heh.

Labor is a subjective concept. Even Josiah Warren realized that.

Even technocratic efficiency judgments of work versus energy output depend upon subjective approval of work versus energy efficiency. Price =/= value. Value depends on goals, and efficiency isn't valuable when it isn't (observably) applied towards market participants' interests.

Bleh, that's what I meant, Dak.



This is where the thought process of objective labor theory fails. It never takes into account the varying brands of labor. That is why I said labor is a part of the subjective theory, because labor is inherently subjective.

It also ignores the fact that many objects that labor has been expended to produce have no or very little market value, for example obsolete technology or unpopular products.

Value is an entirely subjective quality.

Im confused.............I agree with both....

That's tough to do, since they are diametrically opposed concepts.