I’ve read and understood the gist of Böhm-Bawerk’s criticisms on Wikipedia. Are there any counterpoints to the criticism directed towards him? Labor theory of value The labor theory of value (LTV) posits that the economic value of a good or service is determined by the socially necess…

I’m unsure what they’re saying there. Boehm-Bawerk’s argument was: (a) Since wages are paid far in advance of the product derived, capitalists are benefiting workers, rather than exploiting them, due to their time-preference (not to do with LTV) (b) If value is based on labour, what is labour’s v…

Duh! The social necesscity of the product. Who defines that…nobody knows[:P] Thus Marx pushes the paradox yet further back.

Here we go again… Values and/or costs (Inputs into a process that delivers some product or service) are not related to prices. Just because GM employs say 200 hours of labor to assemble a car and Toyota employs 195 has NOTHING to do with the relative prices of the two cars to me and in fact I do no…

Thank you very much for your responses! I’m heading on over to the I’ve done a lot of reading and research and I still feel like a noob… thread

Labor theory of value

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yoshimura June 24, 2009, 2:46pm 5

Thank you very much for your responses!

I’m heading on over to the

I’ve done a lot of reading and research and I still feel like a noob… thread

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