[WendyTheWillow]

> the hypothetical Jimmy would eventually be replaced by someone else who would invent this pencil.

As I've seen it historically, here's the crux of your argument. "If not for this employer, some other person would have done what they did, so it's not even really their value."

The problem becomes the devaluation effect this has on ideation, which misaligns incentives away from innovation and progress. Since when do we presume someone would have done something, discounting the person who actually does? This wouldn't apply to the laborer who constructed the pencil, I observe. "Well, anyone could have constructed this pencil, so why value the production?" Nobody makes that argument.

Additionally, this devalues the organizational contribution of coordination between the lumberjack and the miner. Jimmy coordinates their raw materials into an environment where they can be combined in the first place. Even if he doesn't invent the pencil, he still creates value by building the environment for the job to exist. Absent someone in Jimmy's role, none of the pencil-construction jobs would exist.