Labor Theory of Value & Normative Claims

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    Hogeye
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    I’m thinking that the Labor Theory of Value as such is not the problem with socialism. The LTV is just a descriptive theory – the claim that market value is a function of one variable, socially necessary labor time. Does that predict better than multi-variable models? That’s a question of fact. Socialists add two normative claims to the LTV, the claims

    1) the LTV predicted price is the just price, and
    2) all of this price should go to laborers.

    It is these two normative claims that should be disputed.

    The trick of Marx, Carson, et. al. is smuggling in the two normative claims in ostensibly “scientific” prose. It might be fun to find out where exactly in “The Communist Manifesto” or “Studies in Mutualist Political Economy” that the author first assumed these normative positions, the ‘just price’ doctrine and the ‘labor deserves all’ doctrine.

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