this post was submitted on 15 Aug 2024
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None of the LTV hold up. For a start, it predicts that people won't ever trade. That's quite a big flaw because, you know, people do trade. Theories of value predicting people won't trade was a big problem by the time Marx was young. His one doesn't solve the problem at all, but well, it wasn't a problem anymore when he published.
The family of theories of value that predict that trade happens are called "subjective theories of value".
What on Earth are you talking about? Do you know what "Exchange-Value" represents? Can you point to that in Marx's writings? If this is your best, then you need to read more of Marx before you randomly start pretending it's debunked or outdated, lmao.
An attempt of pushing some amount of subjectivity into his value theory, but still in a way that keeps it objective and still fails to predict trade.
Exchange-Value isn't subjective.
Can you answer my main question, where did you invent the idea that the LTV doesn't believe trade exists? This is PragerU level, try harder please.
Labour theory of value puts value on goods for the sole purpose of trading and explaining trades. Both LTV and STV does.
Marx's use of LVT is to criticize how Capitalism leads to exploitation. But although the specifics differ SVT could still be used to raise the same critiques.