- Capitalism and Alternatives -

it is a useful theory, while LTV isn't

Posted by: DonS ( USA ) on December 03, 1999 at 11:11:08:

In Reply to: And YOUR theory is...? posted by Stoller on December 02, 1999 at 10:52:08:

: Don:
: Nice cut-and-paste work, but the part you left out indicated that determining "the underlying essence of value" wasn't usefull in real word economics.

: Perhaps YOU'D like to enlarge upon WHY (use-)value is NOT useful to 'real word economics.'

Don: I've never read Marx, but based upon our discussions so far I assume that use-value is similar to SVT. What I feel isn't usefull to real-world economics is the idea that labor creates value--"the underlying essence of value".

: Don:
: In other words, TMU has no propaganda value for socialists and Marxists.

: Although the fact that it DOES have propaganda value FOR neoliberals and other assorted capitalist vampires doesn't seem to bother you in the least...

Don: Correct. But I'm convinced it is a useful theory, while LTV isn't (except for its propaganda value).

: Don:
: The LTV has propaganda value, so we are going to stick with it . . .

: Well, Don, at least Joel explained WHY he believes what he believes---like SDF explained his beliefs, RD explained his, and I explained mine.

: How about you explaining YOURS?

Don: In fact, I like Joel's explanation. I'm not an economist, and I'm new to both the LTV and the STV. The STV seems to be a nice, simple, yet powerful theory. LTV seems to have only political value. I can't see any faults with the STV, but the fact that LTV needs all these special cases suggests weakness. So I believe what I believe based on a little libertarian reading and the debates we have had on this board.

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