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. "

Now first thing, asshole, is that price is not the same as value.

Supply and demand determines prices, but not values.

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