Ep. 512 The Rise and Fall of the Labor Theory of Value

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.

Mentioned in the Episode and Other Links of Interest:

• Bob’s paper in the JLS critiquing the labor theory of value.
• This episode’s sponsor, the free Plan-B guide from ExPatMoney.
• Help support the Bob Murphy Show.

About the author, Robert

Christian and economist, Chief Economist at infineo, and Senior Fellow with the Mises Institute.