Quote: (04-27-2013 12:47 PM)cardguy Wrote:
an excellent overview of the law of value in the work of Karl Marx.
Don't learn economics from people who can't or won't do math, such as Marx. It is like listening to hamster-driven women who will say anything to justify their preconceptions.
Samuelson devastated Marx's analysis of the transformation problem by showing that it was based on algebraic errors. People continually agonize over the vagueness and internal inconsistencies of Marx. They don't do that with Adam Smith or Isaac Newton. Even when Smith or Newton made errors, their reasoning and intuition were clear. Marxism is just a confused clusterfuck.
Basically the labor theory of value does not admit other factors of production such as land and capital. It is about as relevant and useful as phlogiston theory of matter.