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this post was submitted on 02 Oct 2023
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the_dunk_tank
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It's the dunk tank.
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In the very first lecture of my Macro 101 course in undergrad, my libertarian econ professor talked about how if the LTV was correct then an inedible mud pie would have as much value as a real pie. I was delighted when I first read Capital and I saw that Marx debunked this very myth like on page 4. Marx is great at anticipating objections and then thoroughly responding, it’s just the libs don’t bother to read him.
What is the debunking, for those of us who are unread savages.
value is produced not by "any labor time that i imagine" but by "socially necessary labor time." mud pies are not socially necessary in any context, and it would be an absurd counterfactual to attempt to defend. the hypothetical society too stupid to realize that mud pies are worthless.