If one could blend Jacob Zuma’s "the value of a commodity is the labour time taken in its production" with his rejection of "the value of a commodity is the law of supply and demand" (Thick End of the Wedge, February 3), one gets an excitingly workable synthesis of capitalism and socialism. It is not difficult. Peter Bruce does not exactly clock in, but his value to the commodity of Business Day, his salary, is uncompromisingly time related. His rand-per-hour rate is just higher than most and he’ll be on some form of flexitime. (Zuma makes nightmares, not commodities). The Zuma logic, taken to its conclusion, places no value on land because it was not man-made, nor are land rents. That is profound. The law of supply and demand for land, however, makes it worth 15 to 20 years of rent, paid in advance. That is behind the cry for no compensation on expropriation. It sounds unfair, but only if expropriation takes place before the 15 years is up. If it occurs after 10 years, then compens...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.