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?
Amazing explanation thanks. I’ll have a read of those chapters. Like @Liberalism below I can’t really see a strong conflict between the two, but maybe significant differences arise in practice?
Looking at an econ101 graph of MR=MC, couldn’t you just say that any marginal increase in production cost is basically all labour cost, with the profit area between the two curves being the surplus labour/exploitation? The blue on this graph for example: https://friedmanseconomy.files.wordpress.com/2013/01/picture4.jpg
Meaning you could argue that capitalism is inherently exploitative and steals surplus labour using both analytical methods.