@Thomas,
Quote:I don't think DrewDad denies that---or Adam Smith for that matter. But just because you can buy or sell something on a free market, that doesn't mean you created the value it has. For just one obvious counterexample, stolen goods have been purchased and sold for centuries as well, at prices determined by a free market. But I think even you would agree that the thieves didn't create the value of those goods. Your argument doesn't refute what DrewDad said.
I have to disagree.
Nothing has any type of monetary value until someone wants to buy it.
That is the market creating the value.
If a piece of swampland just sits, its not worth anything.
However, if a farmer buys that land, and uses it to plant corn, that land has become valuable.
Manhattan was bought from the Indians for $39, would you still say that is was only worth that?
Or, would you say that it was now worth much more, because of the value placed on it by people?