So the labor theory of value would be replaced by... what? Marginal utility, which has always seemed to me closer to a divining rod than a theory? Or would we just abandon any attempt to explain value, as in modern economics? Is this generally agreed here, that the labor theory of value is somehow passé?
On Mon, Feb 14, 2011 at 4:29 PM, Somebody Somebody <philos_case at yahoo.com>wrote:
> So, there could be quite a bit left of left politics without concerning
> oneself with the implications of the labor theory of value, a theory of
> dubious validity anyway.
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-- Peter Fay