If Marx says that value is determined by socially necessary labour time isn’t that circular or basically the same as the marginalise argument that value is only determined by what is desired by society? I.e. isn’t the “socially necessary” part basically making a demand-side argument? Although at a societal level rather than individual.

Or have the lib brain worms got to me and this isn’t actually the main conflict between LTV and marginalism?

  • BeanBoy [she/her]
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    4 years ago

    I see what you’re saying. I think on the whole Marx isn’t really interested in “supply and demand” being a factor in value. My understanding of the “socially” in “socially necessary” is more along of the lines of, given the tools available in general (I.e. “socially”), how long should it take an individual to produce a commodity.

    • Kereru [he/him]
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      4 years ago

      Yea that’s a good point, I suppose he is more looking at a societal, long term set of prices/values. Where supply and demand aren’t as relevant as they tend to bounce around a fairly consistent average

        • Kereru [he/him]
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          4 years ago

          Yep, tfw trying to actually #readtheory and getting lost at the first chapter

          • BeanBoy [she/her]
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            4 years ago

            I’m in the first chapter too... David Harvey’s companion is really helpful. You can find it on libgen. fwiw the first chapter is notoriously difficult. Apparently Che didn’t understand any of it his first go through.