The labor theory of value cannot be refuted as a price-deduction calculus.

Evidence

This, incidentally, also reveals the mistake of the layperson who “refutes” the labor theory of value because “you cannot deduce prices from it.” Marx’s theory is one where politics, economics, and ideology are relatively autonomous in the determination of class relations in the broadest sense. The point, therefore, is not to reduce value to a calculus of price, especially within models of general equilibrium. — Donna Landry and Gerald MacLean, The Spivak Reader, 1102

Categorization

• XREF: connects to: The labour theory of value must be distinguished from Marx’s value-form analysis — Fredric Jameson, Postmodernism, or, The Cultural Logic…, 514

Broader Connections

• The labour theory of value must be distinguished from Marx’s value-form analysis #expands (0.75) — Fredric Jameson, Postmodernism, or, The Cultural Logic…, 514