@til Today I learned that the Austrian School of Economics, on which our current economic models are based, is not itself based on empiricism and in fact argues that it should not be based on empiric studies at all but on thought experiments. https://en.wikipedia.org/wiki/Praxeology#Austrian_economics
Right, the labour theory of value is not pseudoscience then? It’s based on empiricism? Care to substantiate that with literally anything other than “Marx said so”?
Labour theory of Value has actually been proven with empirical evidence, heres a research paper regarding that: https://www.researchgate.net/publication/2623737_The_Scientific_Status_of_the_Labour_Theory_of_Value
Show me one research paper proving other theories of value.
How is this proving anything about broader economics? Or any of Marx’s boondoggle social claims?
This just says that calculating the summation of all labour costs is a good predictor of the overall cost of production and thus price, Marx makes way broader and wilder claims than that.
Defending marxist views on the LTV with this paper might as well be a motte and bailey; there is no substantial dispute that the sum total of costs is a decent predictor of an industrial good’s price (industrial production per-product margins are notoriously slim), while there is plenty of dispute that the generation of “surplus value” causes “alienation” and “dehumanization”.