MaT

Posted Saturday, April 13, 2024

17d

INTJ

Libra

2

1

Labor Theory of Value (LTV)

Karl Marx started in his famous work "Das Kapital" (Capital, 1867) with laying out his views about the value of goods, labor and how these are connected to each-other. He wrote essentially: The value of a commodity is equal to the average amount of labor hours required to produce this commodity. Marx was surely not the first one to write about the LTV, but it seems to be an important corner stone of his whole theory of economics. Therefore I can not understand why the Capital is still celebrated as "being genius" by many people, since the LTV is obviously wrong!?