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D. C. W's avatar
6dEdited

This analysis completely ignores the fact that the labour theory of value places a secondary emphasis on supply and demand as well as its primary emphasis on labour, meaning that your examples are completely worthless as an object with no demand, such as the "completely useless product" defined above would have no value under the labour theory of value because there would be no demand ascribed to it.

Marx himself acknowledges this in the first chapter of Capital:

"Lastly, nothing can have value, without being an object of utility. If the thing is useless, so is the labour contained in it; the labour does not count as labour, and therefore creates no value".

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David Bishop's avatar

🤷‍♂️ A rather dumb explanation of a political theory. Look up socialism in a dictionary and have another run at it.

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