The guy dunks on the labor theory of value quite a bit, do more knowledgeable people have any retorts? You can skip to about 25 minutes in if you don't want the long intro.
Personally I feel like he's being too harsh towards the LTV. It's imperfect but I feel like it's a few steps above pseudoscience like marginalism.
He brings up the Transformation Problem and then ignores it, and when talking about LTV -- which has to do with production, the creation of value from raw materials, not trade -- he brings up some lib economist whining about how he doesn't understand surplus value, given that he's assigning it to the commodities themselves.
Video honestly made me lose some respect for this guy.
Do you have any good (preferably not too technical) material to read up on the transformation problem? I'm interested in this stuff but never really dove too deep into it.
No I operate on vibes :lt-dbyf-dubois:
Just he makes a big stink about the problem of converting value to real-world prices, and then immediately conflates the two like it's not there
Yeah that's why I didn't like his overall point as it seems to be "economics is supposed to be bigly scientific but people just keep bringing fee fees into it". Which like yeah ok dude go ahead and do it properly then if you're so smart.
