askchapo

22764 readers

460 users here now

Ask Hexbear is the place to ask and answer ~~thought-provoking~~ questions.

Rules:

Posts must ask a question.
If the question asked is serious, answer seriously.
Questions where you want to learn more about socialism are allowed, but questions in bad faith are not.
Try [email protected] if you're having questions about regarding moderation, site policy, the site itself, development, volunteering or the mod team.

founded 4 years ago

MODERATORS

[email protected]

Is the Labor Theory of Value junk? (hexbear.net)

submitted 2 years ago* (last edited 2 years ago) by [email protected] to c/[email protected]

18 comments fedilink hide all child comments

There’s this new video by a good YouTuber - Value by Unlearning Economics. There was also an article by Ben Burgis for the Jacobin which argued the same.

Is it possible, as both these people argue, to separate Marx’s critique of capitalism from his theory of value? To keep the former and discard the latter?

Edit - I’m not siding with the video or with Burgis, btw. I think Marx’s value theory is correct. I’m just looking for people who can shine some light on this new(?) phenomena of leftists speaking out against LTV while trying “save” Marx’s critique of capital. To me, that just seems like a pointless and hopeless endeavour.

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 0 points 2 years ago (1 children)

It's one way of framing reality that has a lot of utility and explanatory power (how economies function on a large scale, how economics interacts with power between classes, for example). Subjective theory of value has some utility and explanatory power as well (why a specific item sells for a specific price at a specific point in time, for example). If someone is outright rejecting LTV, rather than accepting its limits or adapting it, they're probably doing so out of ideology more than anything (and/or they misunderstand it).

[–] [email protected] 1 points 2 years ago

Funnily enough, the site tagline just told me to go read Synopsis of Capital.