/edu/ - Education

>>982469
>Any basic study of economics shows you the stupidity of the LTV

anyone who says this

1. has not even read volume 1 of das kapital

2. confuses value and price

3. has unironically used the mud pies argument, insisting that marx is saying that worthless labor creates use value, even though he has said the opposite (pic 1)

4. thinks capitalists reinvest profits in the company even though profits are defined as whatever the capitalist pockets *after* dealing with business expenses and maintenance costs and paying off investors and workers.

5. thinks capitalists "deserve" the surplus value because they "took on risk"

6. thinks subjective theories of value are more scientific than labor theory of value, because again, they are confusing price with labor.

7. imagines that marx is ignoring the use values of natural resources, or thinks that Marx "didn't consider" natural resources at all (pic 2).

8. Imagines that automation disproves LTV even though Marx writes endlessly about the effects of automation upon value, price, and profit.

9. Thinks differing skill levels at particular forms of labor disproves LTV, doesn't realize that there is a "social average" of "necessary labor time" needed to produce a commodity, and that the division of labor has all but eliminated the need for skilled artisans in most areas of work. And besides, skilled labor is simply labor that has itself accumulated labor value in the form of years of experience.