this post was submitted on 06 Nov 2022
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Is the Labor Theory of Value junk? (hexbear.net)
submitted 2 years ago* (last edited 2 years ago) by LiberalSocialist@hexbear.net to c/askchapo@hexbear.net
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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.

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[–] invalidusernamelol@hexbear.net 1 points 2 years ago

The simplest test of the theory is to just imagine how an economy reacts when certain products are removed from it.

Corn? Maybe a famine, or an increase in potato farming.

Iron? Reversion to stick building and subsistence farming.

Gold? More use of banknotes and state backed fiat currency.

Labor? Total and complete collapse of the entire social economy. All sectors. Mass famine or possibly a return to subsistence farming