Is Marx's theory of value correct?

[Jacob Cliff]

I understand that Marx's idea of value was different than what most people think is value, but what exactly was it? What makes Marx's value theory correct, and what does it say about capitalism?

And what was his response to marginal utility, or people who say value subjective?

[Creative Destruction]

Read through this thread:

http://www.revleft.com/vb/parts-marxian-economics-t191717/index.html?t=191717&highlight=theory

I don't mean to be rude, but many of the questions you're asking in this forum can be found, in some form or another -- if not the exact question, by using the search feature on the forum.

[Tim Redd]

I understand that Marx's idea of value was different than what most people think is value, but what exactly was it? What makes Marx's value theory correct, and what does it say about capitalism?

And what was his response to marginal utility, or people who say value subjective?

Please see my paper: Automation Won't Save Capitalism (http://risparty.org/Automation.htm) which addresses precisely the questions you raise. As a quickie, the paper argues against the traditional political economic view (including Marx's) that when creating a commoidty, only humans can add surplus value to the commodity.