But here's a deeper dismissal for you anyway https://www.reddit.com/r/badeconomics/comments/fht0ti/marxs_...
it even conveniently brings up your doge argument
But here's a deeper dismissal for you anyway https://www.reddit.com/r/badeconomics/comments/fht0ti/marxs_...
it even conveniently brings up your doge argument
The labor theory of value was accepted wisdom prior to the late 19th century: it originates with Adam Smith and David Ricardo. It's wrong (or more accurately, not a good conceptual framework) but it's not obviously wrong, let alone "idiotic".
https://en.wikipedia.org/wiki/Paradox_of_value
There's no reason to believe that Smith wouldn't have latched onto the much better solution. So being hell-bent on the incomplete answer from the 1700s is a unique peculiarity of Marxist theory.
Yes, later than both Smith and Marx. Marginalism didn't go mainstream until the 1890s, though the necessary pieces were there waiting to be assembled from about 1870.