On Value: Part 2, The Subjective Theory vs The Labor Theory

This is the second video in a three part YouTube series on Value Theory, created by @tak_kakYT. Part One explores the the Labor Theory of Value, Part Two reviews the Subjective Theory of Value as compared to the LTV, and Part Three will cover Mutualist and Individualist insights on the topic. Subscribe to Hades’ YouTube channel here.

“Part 2 of 3. Research was a very rewarding experience, albeit tedious. I hope to treat future videos in a similar manner - i.e., answering research questions. I hope to wrap up the series with an excellent finale for Part 3. Stay Tuned! If you understand what marginal utility is and don't care about the theory behind the Subjective Theory, it may be economical for you to skip Section IV.”

0:00 Part II Intro

0:16 The Subjective Theory

1:13 Menger on Value

8:57 Menger on Price

11:29 Critiques of the LTV

11:44 Mud-pies

15:52 Mysticism

19:16 The Five Exceptions

20:16 Scarce Goods

25:11 Expertise

29:21 Products of Cheap Labor

34:09 Supply and Demand

38:36 Products of Previous Labor

41:25 Proofs

44:27 General Impotence

44:41 The Inadequacy of Utility

52:05 Part II End

Thank you Captain Croaker, Anne, Grey, ThoughtConvergence, Nick Evans, & Shawn Wilbur for aiding this project.

Read the transcript for this video here.