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Carl Menger and Joseph Schumpeter! Two of them, and they didn’t utterly fuck up the foundations of their economic analysis by having a shitty labour theory of value.



I fail to see how Marxs LTV is shitty, infact I would say that long term predictions show approaches like Marxs' works a lot better than any praexological or more traditionally neo classical methods.


Steve Keen's Debunking Economics has a good section on the problems with Marx's labor theory of value. IIRC, Marx's original sketch included a good model of the effects of capital, but he later neglected that to focus on labor alone and later Marxists kept that tradition.


> and later Marxists kept that tradition.

[citation needed]


Trying to figure how why asking for evidence for something is considered worthy of a downvote by the people on this orange site. Is it because it was too 'to the point' and not verbose enough?




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