Thursday, November 17, 2016

Branko Milanovic — Labor theory of value: a primer

This is a different post from my normal posts. It is a primer and I must ask indulgence from many readers for whom this is all too well-known and obvious. Why do I write it then? Because recently I was several times surprised by the casualness with which people talk of “labor theory of value” apparently implying thereby that it is some weird concoction where the price of a good should simply be proportional to the number of hours one has put in producing it. I have heard it from non-economists and it has not truly surprised me; but I have heard it from economists too and thought it was odd. So I decided to write this 1200-word primer.…
Global Inequality
Labor theory of value: a primer
Branko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist in the World Bank's research department and senior associate at Carnegie Endowment for International Peace

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