Value theory was the dominant paradigm of 18th and 19th century political economy. Up through Marx and perhaps for half a generation after there was a lot of progress made in understanding capitalist economies using versions of the LTOV and the LV. However, not since. Roughly since the transformation problem, valkue theorists have been trying to dig their way out of their own contradictions, while non LV economists in the tradition of Walras, Marshall, Jevons, and indeed Veblen, Keynes, and Hayek, not to mention Coase and Williamson, have been doing the interesting work. I can't think of a single contribution made by a value theorist in this century. The contribution of the neo-Ricardans has been to show that value theory is a fifth wheel. Sorry, cholly, but your pet theory is a dead dog.
--- T Fast <tfast at yorku.ca> wrote:
> \> Has it occurred to you that the last figure of
> the
> > first magnitude on this list died over 120 years
> ago?
>
> Are you always so good at missing a point. The
> point is that flirtation
> with a LTOV has made several economists better
> poltical economists and
> better economists (to the list we could add famous
> Ricardians and
> Neo-Ricardians such as Saffra and Robins) Brad will
> never be famous...nor
> will he ever make a novel contribution to that
> degenerate research program
> to which he belongs. It is just patently false to
> suggest that engagement
> with the LTOV destroys brains.
>
> Travis
>
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