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I always scratch my head when labor theory is attacked when it's not fully Marx's understanding.

He obviously has a particular understanding compared to classical political economists like Smith or Ricardo but he was basically following their lines a lot.

Marx focused on contradictions in how capitalism develops and undermines some of its own characteristics, like how capitalism and free markets are about competition but also leads to monopolies that undermine competition. Or that free markets is a non-statist form of organizing production but then leads to state and regulatory capture by private interests.

Look around. Does this not happen? So it's nice to see some push back at these misunderstandings.

hh 11mo ago

The fact that I remarked that Marx did not invent the labor theory of value and that he followed Ricardo and Smith in a sense does not make his lunatic theories valid to any extent whatsoever.

If that's what you took away from my comment, you were jumping to conclusions about my intent.

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6c16f1ad... 11mo ago

OK. my point was that if people are going to take a position on an economic position or concepts they should at least get some basics understood in order to make a scientific point and not one based on the feels.

hh 11mo ago

Totally agreed.