Labor creates value, trade allows us to quantify the value between different goods (which are themselves still the output of labor)
I agree with what you’ve laid out here, except that I think you’ve missed the point of the comment you are replying to. When an economic downturn happens not for material reasons (resource constraints, logistical choke-points, and the like) but for financial reasons, then yes, physically it is arbitrary. The 2008 crash happened because of mortgage debt in a ledger - our physical ability to work and produce goods didn’t change.
Labor creates value, trade allows us to quantify the value between different goods (which are themselves still the output of labor)
I agree with what you’ve laid out here, except that I think you’ve missed the point of the comment you are replying to. When an economic downturn happens not for material reasons (resource constraints, logistical choke-points, and the like) but for financial reasons, then yes, physically it is arbitrary. The 2008 crash happened because of mortgage debt in a ledger - our physical ability to work and produce goods didn’t change.