About this episode

Bob Murphy critiques the labor theory of economic value, discussing its historical context and relevance.

Relying on his Journal of Libertarian Studies review essay of Kevin Carson' book on mutualism, Bob first explains--and then critiques--the labor (and cost) theory of economic value. This was not exclusively a Marxist idea; it was held by Adam Smith and other classical economists.

People in this episode

Host: Bob Murphy

Topics covered

• labor theory of value
• economic value
• mutualism
• classical economics
• critique of economic theories

Keywords

• labor theory of value
• economic value
• Marxism
• Adam Smith
• Kevin Carson
• mutualism
• classical economics

Mentioned in this episode

Organizations: Marxist

Books & works: Journal of Libertarian Studies, mutualism

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