FAQ on the Labor Theory of Value

For those going to listen in on Micha's presentation, here is a handy FAQ on the LTV for your edification.

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Although Robert Vienneau's

Although Robert Vienneau's FAQ is somewhat useful, he is a bit biased in his defense of the LTV, and does not explore the many problems associated with it. Vienneau is extremely sympathetic to Marxist economics and is a vocal critic of mainstream neoclassical economics on usenet.

Micha, "he is a bit biased

Micha,

"he is a bit biased in his defense of the LTV, and does not explore the many problems associated with it"

Any specific examples?

For a simple example see 2.6

For a simple example see 2.6 "How does simple commodity production differ from capitalism?" The FAQ does not ask the (glaringly obvious) critical questions
"Aren't C-M-C and M-C-M clearly just the same exchange viewed on different time horizons or from different market perspectives?"
and
"Are money profits REALLY zero sum?"
are not asked.

As a more general example, the LTV is not contrasted with other theories of value, like say, the correct one: Radical Subjectivism. Indeed, the word "subjective" appears only twice in the entire document.

More general still, any discussion of Marx that describes what he wrote as "work" and the notions in his head as "thought" is clearly biased in the extreme ;)

Bill, I have a writeup in

Bill,

I have a writeup in the works summarizing the speech I gave. Although I don't plan on specifically critiquing Vienneau's LTV (mainly for crimes of omission), my writeup will contain many of the important elements Vienneau either missed or ignored.