Earlier quoted context omitted.
Only a little bit, the idea is what creates the majority of value, not the actual work put in. The man-hours spent are irrelevant. If someone is doing strip mining by men with shovels, the value they create is not the price of the mined material, but the value that that material brings when it's put to good use. If someone comes along start doing strip mining by truck and bulldozer, they will spend a fraction of the…
With all the respect, but you've got your economics wrong. That's alright though, i don't mean to be disrespectful by saying that. The bedrock of prices is human time spent (yes there are exceptions, but they are just that, exceptions) > If someone comes along start doing strip mining by truck and bulldozer, they will spend a fraction of the man hours, and yet create orders of magnitude more value They only reason th…
I disagree though, he wouldn't sell at a market rate, he would sell below, and enough below that market saturates at his own price, this either increases the market size or new markets based on the wider and cheaper availability of his product emerge.
Recognizing what to do is the most important.