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Roger S. says:
Thank you for your considered response about why Marx was wrong on the LTV. An argument from authority, I take it? Economists are worse than theologians for disagreeing with each other. What I would appreciate is Roger Stanyard's argument as to why the labour theory of value is "utterly wrong".
If human labour applied to natural materials is not the source of all wealth, then what is?
Economists also teach that banks can and do create credit,(meaning actual spending power), in which case I wonder why so many of them have been in trouble recently.
Permalink Mon, 17 Nov 2008 12:07:00 UTC | #271845