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The labor theory of value is a mistake with roots in both Adam Smith and Karl Marx. The Austrian school of economics explained and demonstrated how it is utterl
by mkempe 11y ago
The labor theory of value is a mistake with roots in both Adam Smith and Karl Marx. The Austrian school of economics explained and demonstrated how it is utterly wrong, and they have presented a much better theory. Look up (and read) Carl Menger.
George Reisman has developed a brilliant, modern presentation that dismantles the problems with the labor theory of value, and the related exploitation theories. [1]
[1] https://mises.org/library/classical-economics-vs-exploitation-theory https://mises.org/library/classical-economics-vs-exploitatio...
- danbruc 11y agoI read the essay but only once so far, so I may have missed some things. It doesn't seem to point out any flaw in the theory but rather try to present an alternative. But this alternative I find utterly unconvincing because it is full of errors and holes. I would really like to provide critique to all those points but that would become a piece longer than the essay. If you like I will elaborate on specific points.