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[BEST OF] The Fundamentals of Marxism: Intro to Political Economy

Rev Left Radio

CHAPTER

The Utility Theory of Value

For marks, the value of a commodity simply meant the amount of the total labor a society had that was allocated to the production of that good. That's a definitional logic, which he then used to explain why prices are what they are. But there was no equation of price to value. And so every society allocates labo one way or another. This may come as a shock to some of you, but just the work, you'll learn adam smith and David ricardo were champions of capitalism. Marks thanks them profusely for it, and then uses it to do things they never wanted to see done.

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