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> Hard work does not imply valuable work.

There are plenty of examples of work not being valuable in capitalism too.

I'd put most obscure financial instruments up as one example.

At one point those contracts were subjectively valuable to the parties involved. The assumptions under which they were made turned out to be false, and now they're valueless. The point is that the labor expended to put them into existence does not make them inherently valuable.

Obscure financial instruments can be valuable if they free up capital to be put towards productive means.

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