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View Diary: Anti-Capitalist Meetup: Money and Magic Beans (46 comments)

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  •  The real is an assigned value (1+ / 0-)
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    northsylvania

    Oil is an assigned value for a work done. In other words, we're back to a real object assigned a value (capital) by its ability to do work ("energy" = "the capacity to do work," doesn't it?). Thus, it's still a labor-based analysis, with the oil standing in for an impossible number of laborers.

    One barrel of oil represents the human labor of 140 men for a year. That's a fantastic concentration. Thus, we are bargaining, again, for labor.

    However, when people bargain for oil futures, and then there is a shortage of oil based on the promise of delivery to too many customers and the prices go up -- all without a single drop of oil actually moving from the ground to a tank -- and then the futures are sold at a vast profit, we're no longer dealing with value based economics.

    "...ere God made us He loved us; which love was never slacked, nor ever shall be." - Juliana of Norwich

    by The Geogre on Tue May 21, 2013 at 07:50:58 AM PDT

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