Discover and read the best of Twitter Threads about #Bastiat
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@GravelInstitute …government of various form is what facilities & enables any such imbalanced negotiations; fiat currency, taxation, & simple robbery are theft.
#Utility, for #Bastiat, is the substrate of #Value attributable to nature, #Labor, and “almost always” the combined activity of both.
#Utility, for #Bastiat, is the substrate of #Value attributable to nature, #Labor, and “almost always” the combined activity of both.
@GravelInstitute …But
“I call #Value only that portion of #Utility that #Labor imparts or adds to things, so that two things have value when those who have labored over them exchange them freely for one another.”
Water is worth nothing. It does not have value, although it has utility.
“I call #Value only that portion of #Utility that #Labor imparts or adds to things, so that two things have value when those who have labored over them exchange them freely for one another.”
Water is worth nothing. It does not have value, although it has utility.
@GravelInstitute …If we all always had a spring right at our feet, evidently water would not have any value, since there would be no occasion to exchange it.
But if it is half a mile away, we must go and get it; that is #Work, and there is the origin of its #Value.
But if it is half a mile away, we must go and get it; that is #Work, and there is the origin of its #Value.
