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4 Cards in this Set
- Front
- Back
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Marx view of capitalism |
1) workers do unpaid/surplus labour which goes to capitalist class, and so rich get richer 2) workers have no choice in this, b/c capitalists control means of production & dictate terms of labor contracts 3) capitalism seemingly free but actually exploitative 4) labour is source of all movable value in maket |
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What is the LTV? |
Central claim-the value of a commodity can be measured by amount of labour needed to produce it Labour is only source of value and capital goods |
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3 general criticisms of the LTV |
Labour is not the only source of value-scarcity important too (diamonds)
Worker vs capitalist divide is too simple-(rise of middle class
Marx predicted that capitalism => rev, but more likely in socialist countries (USSR) |
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Roemer's view of the LTV |
'Nothing to be lost by acknowledging that the labour theory of value is false' - Roemer p.47
Roemer's theory of value shifts the focus to unequal distribution of resources as the cause of inequality (rather than surplus labour as the cause of exploitation) |
