Schrödinger’s Capital: Why price never equals value in Marx’s labor theory of value

The Real Movement

NOTE 24(b): Why Marx’s argument on value causes such controversy

A reader of this blog made this excellent statement regarding my last post:

“Yes indeed, after having to offer so many caveats about value, bourgeois economists and most ordinary people start to wonder what good the concept is in the first place. Especially if it is not directly visible, if nobody really knows the value of any commodity, and if it doesn’t directly determine prices, fretting over it starts to sound to people like a bunch of obsessive woo-woo pseudoscience, like worrying about ghosts and such.”

If the value of a commodity cannot be detected or measured by any known means, why do I spend so much time talking about it? The answer is simple: qualitatively, value, exchange value and prices are all the same thing: they are each some definite quantity of socially necessary labor time. Unless you can…

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