Economic Theory Genius Required, for noob question...

[Ratoo]

Kia Ora, I'm a playwright from New Zealand, and am currently researching some bits for a new play.  Can someone tell me, is there an economic theory on the ACTUAL accumulated cost value on an item.. 

For example..

A chair.  Considering the man hours and expenses that go into felling the tree, milling the tree, exporting the wood, storing the wood in a warehouse, designing the chair, the manufacturing of the chair, the purchase at a wholesalers, and on to a retailer, and on to the consumer who then buys the chair for...fifty dollars???

I wondered if there was a method to work out the theoretical cost behind things?   Can anyone suggest any books or authors, or research starting points that you think might be useful? 

 

Cheers!

 

r 

[biisis]

Marx, Capital Vol 1, Chpt 1. It's all about labour power, man.

[ExponentialDecay]

alternatively, http://en.wikipedia.org/wiki/Cost-of-production_theory_of_value

 

or the theory of value used by people closer to the libertarian side, http://en.wikipedia.org/wiki/Subjective_theory_of_value

 

philosophically, economics is still divided on whether the value of a thing comes from the supply or the demand side (how much it costs to make vs how much you want to buy it), at least on the margin, but mainstream economics accepts the notion that the value of a good is determined by the interaction of both (i.e. that price accurately reflects value), so that our big problem now is how to accurately calculate that value in practice.

 

that said, I second the Marx. he's very fun to read.

[Roll Right]

Labor theory of value ftw. Read Marx!