See discussion question below from Professor Guinevere Liberty Nell.

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Show 1 Answer (Ryan Heerwagen's answer approved by Guinevere Liberty Nell)
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If a meteor hit the earth, it would have a value higher than that of other rocks, but this value would not be derived from additional labor used(and human access to space rocks could, for this hypothetical, be considered completely outside of human control and thus not be acquirable by any labor without luck). However, a higher value placed on the asteroid relative to other rocks would likely be agreed upon by individuals, by collections of individuals, and possibly even abstract philosophies, implying that that the LTV is an incomplete or false account of value, without requiring methodological individualism to prove it so.

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Excellent answer!! It seems to me that one could make a similar argument, though without some of the power offered by a resource completely external to existing property holdings, vicinities, and other factors, using land and other natural resources. This is essential to certain arguments made by Austrians against socialists - such as Wieser, here:
"Land rent is, perhaps, the formation of value that is most frequently attacked in our present economy. Now I believe our examination will show that, even in the communistic state, there must be land rent. Such a state must, under certain circumstances, calculate the return from land, and must, from certain portions of land, calculate a greater return than from others: the circumstances upon which such a calculation is dependent are essentially the same as those which to-day determine the existence of rent, and the height of rent."
http://praxeology.net/FW-NV-II-6.htm
through which, seeing natural value, the "natural theory of value" (NTV, perhaps) opposes the labour theory of value (LTV), http://praxeology.net/FW-NV-II-7.htm


Guinevere Liberty Nell approved 1 year 9 months ago.
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