Adam Smith and David Ricardo argued that every one value comes from labor, and the value of one thing is within the quantity of labor it took to provide it.
But Henry George understood that that is backward. The value of one thing lies in how a lot labor we’re keen to change for it.
Too typically, we’re tempted to cost issues primarily based on what they price us to make. It’s extra helpful to cost issues primarily based on what they’re value to people who may need to purchase them.