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A Critique of the Labor Theory of Value

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10/15/2020Robert P. Murphy

In contrast to the classical cost (labor) theory of value, the so-called marginal revolution ushered in the modern, subjective theory, whereby market price is determined by the marginal utility of a good.

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Original Article: "A Critique of the Labor Theory of Value​".

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Contact Robert P. Murphy

Robert P. Murphy is a Senior Fellow with the Mises Institute. He is the author of many books. His latest is Contra Krugman: Smashing the Errors of America's Most Famous KeynesianHis other works include Chaos Theory, Lessons for the Young Economist, and Choice: Cooperation, Enterprise, and Human Action (Independent Institute, 2015) which is a modern distillation of the essentials of Mises's thought for the layperson. Murphy is cohost, with Tom Woods, of the popular podcast Contra Krugman, which is a weekly refutation of Paul Krugman's New York Times column. He is also host of The Bob Murphy Show.

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