I have started to read Marx Kapital in my regional language Telugu. This book is written by Ranganayakamma. This is not exactly a translation. The author has added her own views which makes the book very interesting to read. I was always curious to know how an object has acquired certain price. This book clarifies some of the questions in the first few chapters I have read.
How a human made resource acquire value ?
Humans uses natural resources to create something new. Normally man made resources has only usage. They acquire value as they try to exchange it with some other items. This exchange rate could be different based on the various factors. The factors include
- How much time effort is needed to make the items ?
- What is the cost of the input resources for this resource
- What is the production rate of these items.
These factors contribute to decide the value of the item.