[alexasmyths]

" Good wine is not good because it is scarce, it is good because it is good, but it is more expensive because it is scarce."

No - not at all.

Good wine can be 'more expensive' simply because it is better!

There's more willingness to pay, i.e. better demand curve!

Doesn't need to be less supply!

Point being: not all labour is equal, ergo, the idea of something being valued upon the 'amount of labour' put into it is really not useful.

[boomboomsubban]

I am not doing a strong job explaining this subject, but you are dismissing it out of hand without an understanding of it. I recommend taking codemac's advice and reading some of Marx's work. Even if you disagree with him it provides a greater understanding of how the economy works.

[alexasmyths]

I did read it (a long time ago) and I don't agree with him.

I just don't believe the labour theory of value is a useful concept.

I don't think Marx provides any understanding of how the economy works - other than to hint strongly that prices are really a function of power - i.e. when one group has a monopoly on some critical thing, i.e. land or capital, then they can use that to leverage over another group, and then you have basically class struggle.

I mean, it's useful rhetoric, I'm not sure if it's useful theory.

[keganunderwood]

In my opinion, you don't even need Marx for this. Even Jeff Bezos reportedly said "your margin is my opportunity". So if some product is expensive without being scarce, it is probably being "protected" by likely unethical means (like copyright?) or an oligopoly (unions?) that keeps prices artificially high.

Sorry if this missed the mark completely. Would love to learn.