What does the labour theory of value theorize?
The ambivalence of Marxists toward subjective considerations, power and fictitious capital has had an important consequence: by excluding the role of these factors in principle while recognizing it in practice, they have made their labour theory of value logically weightless. As it stands, there is nothing in the theory itself to tell us whether labour values explain 1 per cent of prices, 99 per cent, or anything in between, and whether this explanatory power remains stable or changes over time. This predicament hasnt been lost on Marxists, and rather than fight a losing battle most have opted out. Marxs labour theory of value, many now argue, is not a price theory at least not in the conventional liberal sense. Marx was primarily a critic of classical political economy, they say, and as such, he wasnt concerned with the precise determination of price levels: Whatever may be the way in which the prices of various commodities are first fixed or mutually regulated, the law of value alway
Related Questions
- A theoretical redshift index approaching infinite value is interpreted by Big Bang theory as the increasing approach to the big bang event that supposed singularity of universal genesis. What does an infinite redshift mean in the DSSU?
- What is the value of combining theory and practice?
- What does the labour theory of value say?
