Value explains what price supply and demand equilibrate around.

Unlike your idiotic explanation which amounts to "too dumb, thus impossible to determine value, can only observe"

Quite unscientific. It's no different that theists whipping out "God did it" whenever there's a strange phenomena to be explained.

Get this, @PugSlugger, modern economists don't even DARE touch the question of what explains prices, instead, they prefer to ignore the whole question entirely.

Labor is the only thing that explains prices. Empirical studies have proven this. Prices track labor time.

Adam Smith, David Ricardo, whose the modern economists all can't stop sucking, both had labor theories of value.

In fact, every economist before Marx had one.

And these economists are the poster boys of capitalism, so they can hardly accused of socialist bias.

Accurate picture of PugSlugger right now

So what you are saying is that marx explained the nebulous term value which has no practical use because it has no effect on price and price is what actually determines what happens to the economy

The term value is not nebulous at all

Try to strawman some more though

things exchange at certain rates for other things

>has no aplication and therefore cant be tested
>not nebulous

<:GWcfcThonk:357907199928041473>

Really?

Labor time tracks with prices

Stfu commies

more so than any other measure

be it energy, steel, oil

labor correlates the best with prices

Yes but not in many low labor industries

🚁

such as?

You and if it doesnt always work then its bullshit. It means that this "value" is a correlation and not a causation

So you're saying that there's a commodity which has very high price but low labor value?

Yes

Social sciences run off of correlations much weaker than that between labor times and prices.

Also how does labor value account for the value of the labor its self

The correlation between labor and price is very strong.

🤔

easy

the amount of labor necessary to reduce the ability of the worker to work

the means of subsistence, basically

food, water, shelter

if you pay your worker so little that he get weaker day by day till he starves away, you won't have a working class to exploit anymore

Ah i see

You are a communist lmao

no shit man. This is leftypol

Nah this is discord