Questions on the LTV.

[Nusocialist]

I have a few questions on the LTV,although I undertand it,I find it hard to put it all together and debate with capitalists.

First can anyone give me a decent definition of the bascis?

Secondly what are the differences between different versions,particuarly Marxist and Anarchist versions,they don't seem identical to me?

Thirdly is there really any decent capitalist rebuttal to it?

[ComradeRed]

First can anyone give me a decent definition of the bascis? Well, the basic idea is derived from the theory that the value of a commodity is equal to the sum of the value of its inputs.

Just from this, it should be evident that you can reduce the non-labor inputs to dated labor inputs. You just substitute in for the non-labor inputs A,B,...,C their inputs. And those inputs which are non-labor are substituted in, ad infinitum it would appear. I must stress that humans began with their labor and without capital, so there is an end to this reduction method (in math jargon, the summation converges pointwise).

Well, the capital (that is, the instruments of production) and the raw materials transfer their value. Labor-power is the only input that is "new" each production process; the idea is that the labor-power thus creates the value. That is why it would be possible to reduce the inputs to dated labor.


Secondly what are the differences between different versions,particuarly Marxist and Anarchist versions,they don't seem identical to me? I don't know if there is an anarchist "version" of the LTV, maybe an anarchist would know this?


Thirdly is there really any decent capitalist rebuttal to it? No, not really; the best you are going to get (in my opinion) is the critique from Ian Steedman, and even then it's not all that dandy.

[Nusocialist]

Thanks for that.