this post was submitted on 22 Feb 2025
58 points (88.2% liked)
Ask Lemmy
380 readers
1 users here now
Ask Lemmy community on sh.itjust.works. Ask us anything you feel like asking, just make sure it's respectful of others and follows the instance rules.
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
In what manner is Marx's Law of Value wrong?
Can you provide an example?
Making something artificially scarce. Like access to books, AI or oil fields, or taxi licenses, or real estate.
But that doesn't invalidate everything Marx said about labor, it just adds to it.
Note I'm not an economist.
Supply side economics is also proved to be incomplete and it's still the only way central banks try to stimulate the economy, by flooding the market with cheap money in the hopes capitalists grab it and use to produce more things. Sometimes they just put into their Cayman accounts, and central banks just doubles down.
Marx already spoke about artificial scarcity and rent, though. None of that invalidates Marx's critique, they are already accounted for. I think the other user is mixing up Marx's Law of Value with Adam Smith's Labor Theory of Value.