Comment: value comes from labor?

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value comes from labor?

What if a sculptor expended 100 hours to produce a crappy sculpture that no one wanted to buy, and another sculptor expended only 1 hour to produce a sculpture that auctioned for $10 million.

Did the value arise from the labor expended? No, it arose from the subjective value inside people's minds.

Learn about the Marxist labor theory of value versus the subjective theory of value.

http://wiki.mises.org/wiki/Labor_theory_of_value