Understanding the Labor Theory of Value with Karl Marx in 1 Minute. #capitalism #philosophy

Delve into the concept of the labor theory of value as presented by Karl Marx. Understand how labor contributes to the value of goods and services.

[MindfulLegacies]

Outdated vision and arguments? W or L?

[monkeymox]

This isn't even what Marx says about value. Value for Marx is determined by the total socially necessary labour time it takes to produce a given commodity _on average_ in any given society, using the methods and technology available at that time. It isn't a theory about the value of a specific example of a specific commodity based on the specific amount of labour that went into it.

[Oi-mjdv]

Well yes but not really. Diamond paradox. labor theory basically never really made sense. Marginalism does.