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In reply to the discussion: This is the future. It doesn't include jobs for humans. [View all]GliderGuider
(21,088 posts)63. You can start here.
http://en.wikipedia.org/wiki/Labor_theory_of_value
http://www.econlib.org/library/Enc/Marxism.html
Which is why I said "so much for...".
The labor theory of value (LTV) is a heterodox economic theory of value that argues that the economic value of a good or service is determined by the total amount of labor required to produce it. At present this concept is usually associated with Marxian economics, although it is also used in the theories of earlier classical economists such as Adam Smith and David Ricardo and later also in anarchist economics.
When speaking in terms of a labor theory of value, value, without any qualifying adjective should theoretically refer to the amount of labor necessary to the production of a marketable commodity, including the labor necessary to the development of any real capital employed in the production. Both David Ricardo and Karl Marx attempted to quantify and embody all labor components in order to set the real price, or natural price of a commodity.
When speaking in terms of a labor theory of value, value, without any qualifying adjective should theoretically refer to the amount of labor necessary to the production of a marketable commodity, including the labor necessary to the development of any real capital employed in the production. Both David Ricardo and Karl Marx attempted to quantify and embody all labor components in order to set the real price, or natural price of a commodity.
http://www.econlib.org/library/Enc/Marxism.html
The labor theory of value is a major pillar of traditional Marxian economics, which is evident in Marxs masterpiece, Capital (1867). The theorys basic claim is simple: the value of a commodity can be objectively measured by the average number of labor hours required to produce that commodity.
If a pair of shoes usually takes twice as long to produce as a pair of pants, for example, then shoes are twice as valuable as pants. In the long run, the competitive price of shoes will be twice the price of pants, regardless of the value of the physical inputs.
Although the labor theory of value is demonstrably false, it prevailed among classical economists through the midnineteenth century. Adam Smith, for instance, flirted with a labor theory of value in his classic defense of capitalism, The Wealth of Nations (1776), and David Ricardo later systematized it in his Principles of Political Economy (1817), a text studied by generations of free-market economists.
If a pair of shoes usually takes twice as long to produce as a pair of pants, for example, then shoes are twice as valuable as pants. In the long run, the competitive price of shoes will be twice the price of pants, regardless of the value of the physical inputs.
Although the labor theory of value is demonstrably false, it prevailed among classical economists through the midnineteenth century. Adam Smith, for instance, flirted with a labor theory of value in his classic defense of capitalism, The Wealth of Nations (1776), and David Ricardo later systematized it in his Principles of Political Economy (1817), a text studied by generations of free-market economists.
Which is why I said "so much for...".
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Exactly. With a great deal of permanently-unemployed people they could riot, loot, etc.
Louisiana1976
Aug 2014
#31
Exactly! We certainly are not even close, but that's what it will be ... the road getting there
RKP5637
Aug 2014
#52
Here's three almost forgotten words guaranteed to drive the right winger in your life insane...
Spitfire of ATJ
Aug 2014
#55
Very few of us "really read" outside our choice of ideological frameworks very often.
GliderGuider
Aug 2014
#67
I understand about a model where humans do not have to work to earn resources.
djean111
Aug 2014
#20
It may be that we can engineer a guerilla-automated-capital-production campaign.
DireStrike
Aug 2014
#47
I think a GNI would be an excellent idea--but agree that it would be diffiicult, if not impossible,
Louisiana1976
Aug 2014
#35
Pretty much every "thing" is already manufactured in a factory, which takes energy.
DireStrike
Aug 2014
#49
Republicans will be lost now that they wont be able to say. Get a JOB you lazy bum!
ErikJ
Aug 2014
#25
We saw this coming decades ago. In some of my economics classes we discussed a jobless society.
RKP5637
Aug 2014
#51
I think this is coming, but the effect so far is not enough to explain current employment problems
Silent3
Aug 2014
#79
The only reason for the very existence of most of us is that the Elite need labor grunts
johnlucas
Aug 2014
#80