A Critique of the Labor Theory of Value

Tags: Prices

10/15/2020 Robert P. Murphy

In contrast to the classical cost (labor) theory of value, the so-called marginal revolution ushered in the modern, subjective theory, whereby market price is determined by the marginal utility of a good.

This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros.

Original Article: “A Critique of the Labor Theory of Value“.

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