this post was submitted on 07 Jun 2024
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chapotraphouse
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so like what happens when the labor theory of value gets "debunked", does everything else we believe in fall apart like dominoes or does it like not actually matter if Marx was wrong about one obscure random thing no one ever talks about?
I mean the LTV is integral to how like capitalism and exploitation work, so the only "debunking" that ever happens around it is things like "hey why do things cost different prices at different times, markets and exchange are what create value not labour!" which is a point that Marx himself in Capital Vol. 1 calmly explains has no bearing on the LTV. You can't debunk the labour theory of value unless you think humans doing stuff to things isn't what creates value, which is frankly nonsense.
Ask them "If value and price are the same thing, what does it mean when an economist says something is over or undervalued?"