And yet it's completely and absolutely wrong. Value is created by the subjective utility offered to the consumer, irrespective of what inputs created the thing conveying that utility.
Yes, I'm aware. This is precisely why I'm stating the prior comment to be "absolutely wrong". Marginal utility is a substantially valid model, LTV is not.
> In fact, there are also other value theories in economy. It's a mostly philosophical choice, and like other philosophical choices, it's not possible to accuse one of them of being wrong.
Sure it is. These aren't theories in a normative sense, they're models of causality for manifest phenomena. They're closer to scientific theories than they are to philosophical axioms. LTV simply doesn't bear out with observation.
Yeah? Well, you know, that's just like uh, your opinion, man
According to Marx, value is only created with human labour. This is not just a Marxist theory, it is an observation.
There may be lots of over-priced junk that makes you want to question this idea. But let's not nit-pick on that.
In two years time people will not see any value in AI art, quite correctly because there is not much human labour in creating it.