The shabby Marxist, turned anti-communist witch hunter, Sidney Hook hardly offered a defense of the labor theory of value. This is apparent as soon as he says that between the labor theory of value and the marginalist theory, “no direct appeal to the facts of price movements can by itself settle the dispute between them.” The labor theory of value is not about price movements. It explains why a cycle of prosperity and depression has prevailed for 200 years of industrial capitalism. It explains why capitalism enters a final phase of economic and hence political decay. The facts of price movements have little to do with all this.
-=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#41061): https://groups.io/g/marxmail/message/41061 Mute This Topic: https://groups.io/mt/118257263/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. #4 Do not exceed five posts a day. -=-=- Group Owner: [email protected] Unsubscribe: https://groups.io/g/marxmail/leave/13617172/21656/1316126222/xyzzy [[email protected]] -=-=-=-=-=-=-=-=-=-=-=-
