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Another valuable life lesson from Elmo and friends!
(lemmy.world)
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this post was submitted on 13 Sep 2024
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That's not Value. "Risk" and "liability" aren't Value. Nothing is being produced here. There is risk, and there is liability, but that in and of itself is not Value. Additionally, the "risk" in being a landlord is miniscule, even if we take the false pretense of risk creating value, the difference between the minor risk and massive, endless profits from the same property forever is nonsense, the landlord continues to profit over and above their initial investment.
What do you think Value is?
I’m not sure how you define value, but I’m using it to mean “the price or amount that someone is willing to pay in the market” this could be for a tangle thing, like the house itself, or a service, like renting it.
My point is that landlords successfully find willing persons to rent their house for some amount of money. Therefore there is by definition value because it’s happening, whether this is ethically OK or being rented for a fair amount is a separate argument.
When I was a university student I didn’t have enough capital to buy an apartment, but I found value in being able to rent one.
That's close to the truth, but not quite. Supply and Demand distort the price around a central Value.
Not really, the fact that something is purchased doesn't mean the "risk" or "liability" created the Value behind it.
You found it useful, ie renting allowed you to fulfill the Use-Value you needed, shelter. You appear to be using Subjective Value "Theory," ie the idea that Value is a hallucination different from person to person, which is of course wrong.
I’m not using value in this way, I literally googled “ value in a market economy” because this is what I meant by value and I cut and pasted the common definition of this usage. There is no hallucination or subjectivity, I’m using value to objectively mean what people are actively paying for. If something exists in the market, and it is being exchanged for something in return, it has “value” by this definition.
You are indeed using SVT, where Value simply means a good is useful. We aren't talking about the same thing.
"Subjective value theory" as opposed to marx's "theory of value" which is sometimes mistakenly referred to as "labor theory of value" actually an earlier development that Marx refined into his own theory