[Marxism] Marxism Lite

Greg McDonald sabocat59 at mac.com
Sun Dec 7 11:06:27 MST 2008

The author opines:

<If there is any one feature that vitiates Marx’s work more than any  
other, it must certainly be Marx’s use of the labor theory of value.  
No serious economics in our time bothers with the labor theory of  
value. It is quite simply outmoded. It is not “out of fashion”; it  
has been superseded by a superior theory of value. Classical  
political economy struggled with the problem of value, and Marx was  
part of that struggle, as were Adam Smith, Ricardo, Malthus, and the  
Mills. Once the theory of diminishing marginal utility was  
formulated, there was no longer any need for the labor theory of  
value, and economics moved on to other problems.>

Anyone carte to tackle this?

Greg McDonald

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