• feedum_sneedson@lemmy.world
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        1 year ago

        LTV is about the value contribution of labour to the production of commodities, ultimately reducible to the subsistence requirements of that labour. It’s entirely from the supply side and can be thought of as embodied labour. I’ve had a very tiring day at work so won’t go into more detail now, but LTV doesn’t address perceived utility or demand side “contributions” to value as they are not materially grounded.

        • Prunebutt@feddit.de
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          1 year ago

          I wouldn’t have been able to write it this consise, but that’s kind of one thing I wanted to point towards in my original comment.

          • feedum_sneedson@lemmy.world
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            1 year ago

            But labour’s contribution to value and - crucially - the irreducible subsistence requirements of that labour provide the only materially grounded analysis. They are not culturally bound, that’s the strength of LTV.

            • Prunebutt@feddit.de
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              1 year ago

              Doesn’t that only take the economics of people into account that are close to this irreducible subsistence requirement?

              • feedum_sneedson@lemmy.world
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                1 year ago

                It provides a materialist foundation for further analyses that would otherwise be absent. It’s extremely useful for the precise reason that it is objectively true, while demand side economic models are ideologically based.

                An LTV analysis begins with such workers because they are the original contributors of surplus value that is appropriated by the ownership class.

                I recommend reading about it in more detail if you’re interested, I’m not certain but I think it is addressed in Chapter 6 of Capital 1. I don’t mean to be rude but I really did have a tiring day at work and you seem to be clutching at straws a little with some of your comments.

                • Prunebutt@feddit.de
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                  1 year ago

                  An LTV analysis begins with such workers because they are the original contributors of surplus value that is appropriated by the ownership class.

                  And what’s that reasoning, if not based on ideology?

                  I really suggest watching unlearning egonomics video on the matter. I’m a leftist and mostly agree with Marx, but the LTV is a model and should be treated as such.

                  • archomrade [he/him]@midwest.social
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                    1 year ago

                    Because at its core, a commodity is comprised of natural material and the labor that transforms it into something with use value. It isn’t an ideological statement to say a commodity is only a commodity by the labor that creates it, it’s just a statement of fact.

                  • feedum_sneedson@lemmy.world
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                    1 year ago

                    I believe you have fundamentally misunderstood LTV. It’s a observational model rooted in objective, material reality - hence historical materialism.

                    I generally educate myself by reading, rather than watching YouTube. I’d prefer not to continue this conversation.