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by bjhoops1 2827 days ago
If only there were a branch of economic thought which predicted regular, increasingly intense crises of capital, say, one which was articulated by a bearded 19th century German...
1 comments

Carl Menger and Joseph Schumpeter! Two of them, and they didn’t utterly fuck up the foundations of their economic analysis by having a shitty labour theory of value.
I fail to see how Marxs LTV is shitty, infact I would say that long term predictions show approaches like Marxs' works a lot better than any praexological or more traditionally neo classical methods.
Steve Keen's Debunking Economics has a good section on the problems with Marx's labor theory of value. IIRC, Marx's original sketch included a good model of the effects of capital, but he later neglected that to focus on labor alone and later Marxists kept that tradition.
> and later Marxists kept that tradition.

[citation needed]

Trying to figure how why asking for evidence for something is considered worthy of a downvote by the people on this orange site. Is it because it was too 'to the point' and not verbose enough?