Nordhaus offers a modern version of the labor theory of value, which in various versions dates at least to Adam Smith’s “The Wealth of Nations” (1776), often taken to be the beginning of ...

In this way, the concept insulates the Labor Theory of Value from falsification. Unlike exchange value, which Marx treated as objective and quantifiable, use value was subjective—dependent on ...

James Doughney’s latest contribution to the discussion on Marx’s tendency of the rate of profit to fall avoids the key point: ...

But to critics on the left, abundance is, at best, a list of policy ideas without a theory of power—a dry ... Here I use “productive” in a value-neutral sense to describe firms that generate ...

The Ricardian school of thought, a foundational school within classical economics, is primarily known for its emphasis on comparative advantage and the labour theory of value. This school, heavily ...