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2 Starting from the ideas of the labor theory of value the labor-hour is recommended as the unit of calculation....
This harks back to the old labor theory of value, which contended that all value was created by work.
Calhoun reminds me of Richard Hofstadter's description of the South Carolinian as "the Marx of the master class" since Southern slavery defenders saw a labor theory of value as consistent with the institution and its necessary growth.
He has been particularly intrigued by the surplus approach to theories of value and distribution, especially those that are grounded in some form of a labor theory of value. The New School's history of providing space to explore alternative, progressive approaches to a variety of disciplines has provided Shaikh with a natural home, encouraged by leading historians of economic thought and method, such as the late Robert Heilbroner and Adolph Lowe.
He argues against Renaud Barbaras' claim that the mature Merleau-Ponty abandons his earlier understanding of phenomenology; provides analysis of Merleau-Ponty's course notes oPhilosophy and Non-Philosophy Since Hegelo to show his continued late-career position of a concrete, embodied phenomenology based in the early work of Georg Wilhelm Friedrich Hegel and Karl Marx; and addresses Jean Baudrillard's commentary on mass media and his shift away from Marx's labor theory of value, from a grounding of truth and values in lived-through experience to their creation by language and mass media, and Merleau-Ponty's view of human nature that supports Marx's theory of alienation.
One approach to "measuring" value is the "labor theory of value," originally popularized by two of the fathers of economic theory, Adam Smith and David Ricardo.
Studies in the Labor Theory of Value. London: Lawrence and Wishart.
This claim is then buttressed by condensed readings of political economy (Ruskin, Smith, Ricardo, Mill and Jevons) in which structurally similar dynamics occur; for example, in Smith and Ricardo "the circular, gift-sacrifice economy embedded within the labor theory of value enacts a self-referential structure in which labor's sacrifice functions as a mode of sacralization that tacitly consecrates the economic system" (86).
In this paper, we explore the classical labor theory of value and the implications it produces for a theory of distribution.
Here is a partial list: He disregards incentives; clings to vestiges of the long-defunct labor theory of value; applies static analyses to a dynamic world; attributes no blame to government policy mistakes for the financial crisis of 2008-9; credits both taxes and inflation with nonexistent benefits; and mangles the history of America's Great Depression, our graduated income tax, and federal minimum-wage laws.
They claimed that the theory of objective value I presented (based on Ayn Rand's moral theory) somehow implies that Marx's labor theory of value (i.e., that value is merely a function of labor) is true, that value can exist apart from a valuer, that an objectively valuable thing will have equal value to everyone, or the like.
As social science, the labor theory of value (LTV) has embarrassed both Marxists and marginalists alike.