If Greshenz is so interested in saving the music in his collection, why are the only options buying the whole collection or putting it in the bin? There are thousands of record enthusiasts who would buy these records if they didn't have to buy all 400,000! I just don't get what's so important about "keeping the collection intact". Granted, it's a huge number of records, but the collection has no intrinsic meaning or value as a collection to anyone except Greshenz.
Miles
^^^^^^^^ CB: Miles' analysis of the value ( and Greshenz's analysis of price smile) of these antiques reminds of a riddle for subscribers to a labor theory of value. What is the refutation of this misesian criticism of Benjamin Franklin, who had an ltv of sorts ?
( Benjamin Franklin , a practical-critical activist, revolutionary bourgeois, in an era when the bourgeoisie had much more revolutionary potential. He retired on his assets at 43, and participated as a leader in the American revolution, such as it was; natural scientist)
The notion that the quantity of labor required to produce a given item directly affects the price of that good was brilliantly refuted by the father of the Austrian School of Economics, Carl Menger, in his Principles of Economics. Menger showed that the value of goods and services stem from the subjective tastes of all economic actors and not from the inputs of the production process.
The value of the factors of production are dependent on the value of the output, not vice-versa. If a vintage baseball card sells for $100,000 and a Mercedes-Benz sells for $30,000, does this indicate then that the card must have used more labor in its production than the automobile? Under the labor theory of value it would. But this is obviously incorrect. The baseball card is expensive not because the factors that created it are costly but because the subjective evaluations of individuals have bid the value of this good up to a certain degree.
Benjamin Franklin Was All Wet on Economics
^^^^^^^