value in the Labor theory of value means the AVERAGE exchange rate of a product

@BabygottBach literally the same thing

false

individuals are weird and idiosyncratic

Ok we can play semantic games all day

This is not semantics

The individual is not the same as the whole

Where demand and supply meet is where the value is

The labor theory of value doesn't care about the individual

You can work 50 hours a week and the value of that labor could be worth a dollar

it's about the aggregate, large scale phenomena

Define value

If you dont have a market to determine value you dont have value

There is no mathematical way to calculate value if you dont have supply and demand

You need a market exchange in order for things to be exchanged

Yes

Labor theory of value assumes supply and demand

you've so far said nothing that Marx did not EXPLICITLY say in Chapter 1 Section 1 of Das Kapital

You cant just determine supply and demand

I'm not sure what you think you are debunking

Marx also assumed supply and demand

There is literally no way to determine supply and demand. You can only observe it

You use supply and demand as if it somehow debunks LTV. It doesn't.

The labor theory of value (LTV) is a theory of value that argues that the economic value of a good or service is determined by the total amount of "socially necessary labor" required to produce it, rather than by the use or pleasure its owner gets from it (demand) and its scarcity value (supply).

Why is there no way to determine supply and demand? They track pretty constantly, around some central point.

Whats it like to be a fucking assclown?

Because you just got btfo

Explain why prices tend to be constant around certain point. THere may be fluctuations, but these prices aren't random

" You use supply and demand as if it somehow debunks LTV. It doesn't."

So your theory is that you have no theory.

It literally does

No, it doesn't.

I just posted the definition

Where did you get it from?

[1] Mike Beggs, "Zombie Marx and Modern Economics, or How I Learned to Stop Worrying and Forget the Transformation Problem." Journal of Australian Political Economy, issue 70, Summer 2012/13, p. 16

Wew lad

"LTV does not deny the role of supply and demand influencing price, since the price of a commodity is something other than its value. In Value, Price and Profit (1865), Karl Marx quotes Adam Smith and sums up:

It suffices to say that if supply and demand equilibrate each other, the market prices of commodities will correspond with their natural prices, that is to say, with their values as determined by the respective quantities of labor required for their production.[7]"

Read

This is from the wiki page you presumably got your first quote from

Also read

"Modern economics tends to deny the need for a LTV, concentrating instead on a theory of price determined by supply and demand. "