How the Labor Theory of Value Emerges from Egalitarianism

How the Labor Theory of Value Emerges from Egalitarianism
Fix, Blair. (2021). Economics from the Top Down. 11 September. (Article - Magazine; English).

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https://economicsfromthetopdown.com/2021/09/11/how-the-labor-theory-of-value-emerges-from-egalitarianism/

Abstract or Brief Description

The purpose of this essay is to put the last vestiges of the labor theory of value to rest. My goal is to explain why when we look at large sections of the economy, we find that value added correlates with labor time. The correlation comes not from some universal law of value. Instead, I argue that it results from a simple heuristic: humans seek income that is equivalent to their peers’. I call this principle the ‘egalitarian heuristic’. If it holds, even in rough form, then value added will correlate strongly with labor time. In short, we do not need the labor theory of value to explain the evidence.

Language

English

Publication Type

Article - Magazine

Keywords

egalitarianism labour theory of value Marxism

Subject

BN Labour
BN Methodology
BN Production
BN Region - North America
BN Value & Price
BN Business Enterprise
BN Capital & Accumulation
BN Ideology
BN Industrial Organization

Depositing User

Jonathan Nitzan

Date Deposited

15 Sep 2021 18:23

Last Modified

22 Feb 2023 18:49

URL:

https://bnarchives.yorku.ca/id/eprint/704

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