Nearly all forms of modern collectivism (a la Marxism) are built on the "labor theory of value," which is bunk. Destroy this foundation and the entire edifice comes crashing down.
Rothbard, [An Austrian Perspective on the History of Economic Thought](https://mises.org/library/austrian-perspective-history-economic-thought)
#liberty #Marxism #economics #Austrian
True
It occurs to me that I don't actually know what the labor theory of value is.
See the first heading [here](https://www.econlib.org/library/Enc/Marxism.html). The "[marginal revolution](https://www.econlib.org/library/Enc/Marginalism.html)" brought the decisive end to this theory, though it had already been successfully de-bunked even before Adam Smith mysteriously revived it.
It can be refuted fairly easily: if value (i.e., price) is determined by labor, why does an unworked tract of land have a price at all? Further, why is the price of ice water higher in the Sahara than in the Arctic? Price is, instead, determined by supply and demand--and each of those is determined subjectively and at the margin.
I did some reading and now I know what it means. Further reading will likely happen from here.
