Re: Why does gold have value?
- From: "Andy F." <never.mind@xxxxxxxxx>
- Date: Sun, 1 Jan 2006 12:36:03 -0000
"The Trucker" <mikcob@xxxxxxxxxxx> wrote in message
news:dp4qdb02pia@xxxxxxxxxxxxxxxxxxxx
> "Andy F." <never.mind@xxxxxxxxx> wrote in message
> news:41i8liF1dnqr2U1@xxxxxxxxxxxxxxxxx
>>
>> <veg_all@xxxxxxxxx> wrote in message
>> news:1135708841.268410.125440@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
>>>I dont understand why gold is the base for all money? It has no
>>> practical use in society other than something that women desire. Does
>>> this mean that a woman's desire is more valuable than steel for
>>> example? Why wasn't steel, wood or food chosen as the base for all
>>> money?
>>>
>>
>> Gold is expensive because it takes a lot of work to get it out of the
>> ground.
>
> Labor theory of value?:)
It's Ricardo's 93% labor theory o value. In the long run the price is
determined by production costs, which are usually roughly proportional to
labor costs.
>
>> The fact that it's valuable and doesn't rust or decay makes it a good
>> store of value.It's much easier to store a billion dollars worth of gold
>> than a billion dollars worth of wood.
>
> Whatever can be used to bribe the dudes with the swords
> is "valuable".
>
That's a circular definition.
.
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