Subjective Theory of Value? Proprietarian (“libertarian”) critique of Marx

[jondwhite]

I've just spotted two proprietarian ("libertarian") critiques of Marx at

http://mises.org/Community/forums/t/28063.aspx

and

http://northwestlibertarians.blogspot.co.uk/2010/02/four-errors-of-marxism.html

[DJP]

The first link seems the most interesting, but haven't given it a proper reading yet. But in some places they seem to be confusing Marx with Ricardo.The authors of the second link don't seem to have read any Marx.I guess a general rule should be if you want to critique someone, don't rely on secondary sources.What do you think about it then Jon D? Or where you just looking for feedback from other people?

[jondwhite]

What I find hard to understand about the Labour Theory of Value and especially reading Capital is the LTV is not contrasted with any other theory. So the subjective theory of value was unknown to me. Before I started working I might have agreed with the STV but I definitely feel exploited at work (doesn't everyone). Maybe its just my particular style of learning but I like to understand proponents and opponents before I can make a judgment. Some people seem to just read Capital and agree with the LTV. I had never heard of an alternative before, though I haven't read much economics. I take it mainstream economics agree with STV but don't seem to talk about theories of value anyway.

[DJP]

The criticisms based around the 'subjective' theory of value came about after Marx's death, as did the rise of marginalist economics. Marx definitely frames his argument around a critique of other theories, but only those that preceded him.After all the subtitle of Capital is 'a critique of political economy'. But it should be noted that 'Political economy' deals with different subject matter to 'economics'. Political economy proper is no longer taught in the universities.These videos will be of interest:http://kapitalism101.wordpress.com/2011/11/15/law-of-value-8-subjectobject/

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