01-03-2017, 06:31 PM
(01-03-2017, 08:08 AM)FireIceTalon Wrote: I would interpret the word "currently" to be of vital importance there. Obviously, the productive forces of today are more advanced in producing nearly all commodities than they were 50 years ago, and therefore the socially necessary labor time to produce like commodities now almost certainly differs from back then. So comparing them from different times would be apples and oranges, really.
If comparisons across time and between goods are just "apples to oranges," then there is surely no point in having a theory of value at all, because the whole point is to provide a general theory of what gives products value. If the LTV is true, then it must provide a useful way to understand productivity growth across time. If innovation decreases the socially necessary labour time required to produce particular goods, what does that mean about those goods? Do they have less value? Or do they embody more labour?
-Jester