The Me Theory of Value

116: Jean-Claude Ellena perfumer for Hermes: “It’s very important to understand that the price of perfumes is not the price of their materials. You pay for the creativity …. That has value as well, a value that I put into the perfume. This Marxist idea that the price of a thing is the price of its materials is false.”

Burr, Chandler. 2008. The Perfect Scent: A Year Inside the Perfume Industry in Paris and New York (New York: Henry Holt).

4 comments so far

  1. tom s. on

    Odd. I thought the Marxist idea was that the price of a thing is the price of its labour. In which case Jean-Claude Ellena’s views would be fine by Karl.

  2. Phil on

    It’s a mix-up between the Marxist and neoclassical views on marginal costs, though I doubt he knows the difference.

  3. mperelman on

    As Phil noted, once the labor is expended on developing the formula, Jean-Claude’s input is nil. Marx called that “universal labor,” using the invention of the binomial theorem as an example.

  4. tom s. on

    aha. thanks both.


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