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D'Arcy's Avatar Jump to comment 232 by D'Arcy

Roger S. writes:

D'Arcy - thanks for the URL on the labour theory of value. It's utterly wrong.

Roger, it was you who introduced Marxism into this thread, so it's fair game as far as I'm concerned.

If you think that the labour theory of value is utterly wrong, you are also writing off Aristotle, Adam Smith, Benjamin Franklin and Ricardo, whose ideas Marx adapted.

If it's not human labour that adds value to commodities, then what is it? I know you are too sensible to believe in magic. Surely wealth can only be created by human labour plus natural materials. Incidentally the LTV was not fully developed in Wage Labour and Capital as Marx later pointed out. At that point he had not worked out the distinction between labour and labour power. Forget Yugoslav syndicalists, and please explain why Marx was wrong, specifically on LTV.

Marx got a lot of things wrong, but I think he got LTV right.

Sat, 15 Nov 2008 12:51:00 UTC | #270819