U.S. GDP Shrank in Q1 2015

Re:U.S. GDP Shrank in Q1 2015 by danbruc on Friday May 29, 2015 @04:35PM (#9627168)

So if it is not (only) the amount of work that makes up the value of goods or services, what (else) is it? And I am neither interested in the supply and demand situation which may cause the price to deviate from the value, nor in the use value.

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Re:U.S. GDP Shrank in Q1 2015 by mkempe on Friday May 29, 2015 @08:24PM (#9628308)

The labor theory of value is a mistake with roots in both Adam Smith and Karl Marx. The Austrian school of economics explained and demonstrated how it is utterly wrong, and they have presented a much better theory. Look up (and read) Carl Menger.

George Reisman has developed a brilliant, modern presentation that dismantles the problems with the labor theory of value, and the related exploitation theories. [1]

[1] https://mises.org/library/classical-economics-vs-exploitatio...

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Re:U.S. GDP Shrank in Q1 2015 by danbruc on Saturday May 30, 2015 @05:42AM (#9629603)

I read the essay but only once so far, so I may have missed some things. It doesn't seem to point out any flaw in the theory but rather try to present an alternative. But this alternative I find utterly unconvincing because it is full of errors and holes. I would really like to provide critique to all those points but that would become a piece longer than the essay. If you like I will elaborate on specific points.

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