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A comment on Why the Smart VCs Are Boarding their Jets. Parent comment

Re:Why the Smart VCs Are Boarding their Jets by timr on Friday February 20, 2009 @08:47PM (#489551)
No offense, but it's fairly amusing that you're so confident about this statement, when other people in the same thread are equally confidently arguing that Adam Smith isn't saying that at all.

I've got to defer to the guy who said that internet geeks don't know what they're talking about when it comes to economics.

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Re:Why the Smart VCs Are Boarding their Jets by davidmathers on Saturday February 21, 2009 @03:53AM (#489746)
No offense taken. My statement is so non-controversial that I have no problem saying that anyone who disagrees with it truly has no idea what they're talking about.

The "marginal revolution" is one of the major events in the history of economics.

EDIT - here's some useful wikipedia links:

http://en.wikipedia.org/wiki/Labor_theory_of_value

http://en.wikipedia.org/wiki/Marginal_utility

EDIT #2 - paragraph 3 from wikipedia:

Different labor theories of value prevailed amongst classical economists through to the mid-19th century. It is especially associated with Adam Smith and David Ricardo. Since that time, it is most often associated with Marxian economics; while modern mainstream economics replaces it by the marginal utility approach.

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