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I think a key part of this is that the Labor Theory of Value has fallen flat. (which he mentions in the article) In our increasingly complex and technologicall
by daedrdev 2y ago
I think a key part of this is that the Labor Theory of Value has fallen flat. (which he mentions in the article)
In our increasingly complex and technologically advanced society, the LTV looks more and more out of date, especially since the marginal revolution proved its worth with societies exponential growth on the basis of its theories. The value of a good comes from what people each value it and are willing to pay, and there are clearly other factors than labor that go into a good.
- deepfriedchokes 2y agoThe Labor Theory of Value is what happens when you start where you want to end up and work backwards to support it.
- thiagoharry 2y agoSo, where exactly Adam Smith, Ricardo and all the classical economists wanted to end, supporting this theory?