[lbo-talk] Definition of nation (was as if on cue)

Mike Beggs mikejbeggs at gmail.com
Mon Feb 14 20:15:06 PST 2011


On Tue, Feb 15, 2011 at 2:48 PM, Peter Fay <peterrfay at gmail.com> wrote:
> Huh?
> The labor theory of value dubious?  Did we just flush down the loo 250 years
> of Smith, Ricardo and Marx?
>
> 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?

Hey Peter,

This was my take when this came up last year - that Marx actually pointed the way out of the labour theory of value... and you can look around the thread in the archives:

http://mailman.lbo-talk.org/2010/2010-July/009802.html

Mike Beggs



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