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Ep 271 - Defining Value with L. Randall Wray

Macro N Cheese

CHAPTER

Exploring Labor Theory of Value and its Implications

This chapter delves into the concept of labor theory of value and its implications, contrasting it with traditional views based on gold and exploring Modern Monetary Theory's perspective. It highlights the importance of labor in establishing value through examples like the job guarantee policy proposal and discusses economist Duncan Foley's insights on labor values, money prices, and profit in capitalist systems. The chapter also delves into the complexities of labor theory in capitalism, discussing exploitation, surplus production, and the impact of financialization on production efficiency and living standards.

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