alt Hacker NewsHi, this is called “Labour Theory Of Value”. And this is imo a popular theory of value creation a lot of people believe in and it has populist memetic value.
But Labour Theory Of Value has been debunked and is mostly not used anymore.
Hi, this is called “Labour Theory Of Value”. And this is imo a popular theory of value creation a lot of people believe in and it has populist memetic value.
But Labour Theory Of Value has been debunked and is mostly not used anymore.
"It is difficult to get a man to understand something when his salary depends upon his not understanding it"
- Upton Sinclair
And, well, you are right that there are 'debunkments' of Labor Theory of Value. Of course, they are put out by hard right-wing laissez faire capitalist enclaves, like Mises. I would never expect them to take a dispassionate view of capitalism, given their extremist position.
https://mises.org/mises-wire/three-arguments-debunking-marxs...