Since various economics professors noticed that Marxists had been publishing articles showing, from empirical data, that the labour theory of value was right[ 5,3,4,6,1 7,2 ], they have felt the need to come up with objections. Whilst in the past the objections economists raised to the labour theory of value were purely abstract and theoretical, now they had a harder job. They now had Marxists producing actual figures which they had to cast doubt on.
The objections raised by economists then get relayed in a popularised form on blogs or social media debates. It is worth my while giving a brief rundown of the 3 favourite objections along with an explanation of why these are all groundless. We have refuted them all in the open literature but since the relevant paper is not well known here is a short informal account....
Not to mention problems with the marginalist theory of value that compete with the LTV.
There are no problems with "marginalist theory" of value. People buy what they like. They don't care how much "labor" it took to make the thing. Rap made without musical instruments by people who can't sing outsells classical music in all of its labor intensive glory. Duh.
ReplyDeleteI can't believe any honest and sane person would still be promoting the preposterous "labor theory of value". Pitiful.
Well if you want to know why marginalist theory falls short of the scientific criterion of falsifiablility have a look at two of my videos
ReplyDeletehttps://www.youtube.com/watch?v=SKGYzhoYK2I
and
https://www.youtube.com/watch?v=Ked8raTDr_M
which show that even Ptolemaic astronomy compares well with marginalism as a scientific theory
The outstanding 80s female rock group The Bangles plays an excellent new song and an excellent old song in 2010 at age 52.
ReplyDelete2,569 views in nine years.
https://www.youtube.com/watch?v=PrBflEt3S6g
A talentless bum called “Drake”.
1,042,276,764 views in 19 months.
People appear to like “Drake” better.
Pure subjective valid.
The missing link to the Drake masterpiece.
ReplyDeletehttps://www.youtube.com/watch?v=xpVfcZ0ZcFM
Typo: Pure subjective VALUE.
ReplyDelete