We know now that you can’t turn “base metals” into gold through chemical processes, but if you could, gold would no longer be scarce and therefore no more valuable than the base metals.
We know now that you can’t turn “base metals” into gold through chemical processes, but if you could, gold would no longer be scarce and therefore no more valuable than the base metals.
That only works if value is solely determined through labor and it is not. Scarcity creates value through demand without added labor. Sone things are valuable with no labor involved. The labor theory of value is incredibly flawed.