In that it ignored the previous half a century of (well tested) advances on the area and just made claims that were already known not to hold on the real world.
For example, the entire labor theory of value doesn’t hold up on the real world and Economics had already better explanations for the phenomenon it was trying to explain.
What part of Marx’s LTV doesn’t hold up? What theories explain Value better?
Are you capable of specifics, or can you only gesture? I am genuinely trying to see if you have an actual argument, I’m a Marxist and I encourage you to point to something that could maybe test that.
None of the LTV hold up. For a start, it predicts that people won’t ever trade. That’s quite a big flaw because, you know, people do trade. Theories of value predicting people won’t trade was a big problem by the time Marx was young. His one doesn’t solve the problem at all, but well, it wasn’t a problem anymore when he published.
The family of theories of value that predict that trade happens are called “subjective theories of value”.
Quite like Marxism.
In what manner?
In that it’s an outdated economics theory… In fact, it was outdated when it was first published already.
You should let China know ASAP 🤣
In what way?
In that it ignored the previous half a century of (well tested) advances on the area and just made claims that were already known not to hold on the real world.
Can you for one second elaborate on anything you’re saying? What did Marx ignore, and what doesn’t hold in the real world?
For example, the entire labor theory of value doesn’t hold up on the real world and Economics had already better explanations for the phenomenon it was trying to explain.
It certainly holds up better than whatever nonsense western economists peddle.
What part of Marx’s LTV doesn’t hold up? What theories explain Value better?
Are you capable of specifics, or can you only gesture? I am genuinely trying to see if you have an actual argument, I’m a Marxist and I encourage you to point to something that could maybe test that.
None of the LTV hold up. For a start, it predicts that people won’t ever trade. That’s quite a big flaw because, you know, people do trade. Theories of value predicting people won’t trade was a big problem by the time Marx was young. His one doesn’t solve the problem at all, but well, it wasn’t a problem anymore when he published.
The family of theories of value that predict that trade happens are called “subjective theories of value”.