Labor Theory of Value

[Bradyman]

Today's economists have come to the assumption that Marx's labor theory of value is wrong and have replaced it with the supply v. demand idea. The supply/demand idea seems attracting since is does an adequate job at describing our economy. Was Marx wrong? If so, does it make much of a difference concerning communism?

[redstar2000]

Does Capitalism "Self-Destruct"? A Problem in Marxist Economics (http://www.anarchist-action.org/marxists/redstar2000/theory.php?subaction=showfull&id=1073565428&archive=1075295090&cnshow=headlines&start_from=&ucat=&)

:redstar2000:

The RedStar2000 Papers (http://www.anarchist-action.org/marxists/redstar2000/)
A site about communist ideas

[antieverything]

It wasn't Marx's labor theory of value. LTV came about long before and was used to justify private property--since you put labor into something, it was your's. Even Marx's take on LTV was heavily influenced by the economics of his day.

Subjective value theory is pretty much a common sense thing--it rejects the sort of mystical crap that LTV carries along with it. I'm not saying modern economics isn't bullshit, it is. The conception of value, however, is pretty much done. Sociological analysis of value are incredibly interesting as well and they have to do with individual and group psychology but for the most part prices are based around the basics of supply-demand relations.

Also, LTV has to explain its way around too much stuff while SVT explains these things without skipping a beat. The elagance tells you alot about which one is a better model of economic reality!