: SDF: RD, could you cite a Web Page where you "covered marginal preference theory"?
'fraid not- it was me V. Joel when he first arrived, I've checked and its gone off the bottom of the list :(.
My points against Joel (and he never adequately countered them) were:
1:That it seemed to take no account of competition.
2:That if true meant that capitalism was geared against satisfaction of needs, and necessarilly maintained artificial scarcity.
: SDF: Doesn't this last sentence represent another labor theory of value? Funny, I seem to remember reading something like this on a Ricardo page on the Web, and David Ricardo (as I recall) was the ORIGINATOR of the Labor Theory of Value. What's the difference between Ricardo and Shannon?
I think Smith started down the line, or proposed something towards it, but Ricardo produced a formalised and working Labour Theory of Value.
I don't get what you mean by 'Is this a another LTV'? AFAICS its an application of LTV as epounded by Marx...