Economics/Class Relations

Dr. Richard Wolff Debates Labor Theory of Value Marxist vs. Libertarian Debate

Dr. Richard Wolff debates libertarian Antony Sammeroff on the Labor Theory of Value on the Lions of Liberty Podcast, hosted by Marc Clair. This is a Marxist economist debating a free market libertarian.

2 replies »

  1. Labor theory of value (LTV) is an utterly foolish concept, a fact which is made obvious by the gradual development of machines which make products.
    The reason “productivity” increases is not that “workers” work “harder” each year, but simply because an increasing amount of automation (machines, eventually robots) are brought to bear on the problem of making goods and services. This change has been going on, and even more rapidly, since the early 1800’s.
    The LTV promoters foolishly ascribe this increasing productivity to the only entity they purport to care about, the workers. They ignore the fact that to make a machine which makes more product costs money, in many cases a lot of money, and also requires more raw materials to be processed and added to the machine for processing.

  2. This stupid fucking debate was over in the 19th century, “Karl Marx and the Close of His System” put Marx’s knock-off Ricardian clusterfuck of a non-treatise on its ass and it died from cerebral hemorrhaging.

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