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[86] Alf: jacob's question Marx says that the value of a commodity depends directly on the labor
time required to produce a given product. Take for example, the
diamond. Diamonds are very rare, they are hard to find, and the process
required to transform carbon into diamonds is very tedious. Therefore, a
great deal of labor time goes into the production of a diamond, and the
end product becomes a very valuable commodity. High labor time plus small
volume equals much value. Unlike a diamond, the production process of
gold is more advanced technology wise. One must also realize that gold has
always been used as a medium of exchange, and the metal is found more
abundant in the market today. Jacobs knows this, and realizes the
differeces determining the values of both gold and diamonds, and he
expresses this in his statement that questions whether gold is ever paid
for at its full value. I too, believe this to be the case. |
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