Michael Meeropol > ...students who if they thought of it at all thought the LTV was some > non-empirical mind trick without any relation to reality...
Having grappled fairly intensively with marginal utility theory, it has dawned on my that ltv is *also* a subjectivist theory of value and the marginal utility theory is ltv wearing a mask. There is this little fellow Ugo Pagano called the "leisure semantic device <https://econospeak.blogspot.com/2008/11/missing-strange-disappearance-of-s-j_13.html>." This was invented by Leon Walras and was adopted as a "compromise" between the English and Austrian schools of marginalism around the turn of the 19th-20th century. What it amounts to is a way to "not talk about labour value" by assigning a hypothetical utility to not-work, which is why Pagano referred to it as a *semantic* device. It is sort of like the way Basil Fawlty avoided talking about the war to the German couple. Of course, this Walrasian leisure semantic device is embedded so deeply in the production functions and equilibrium models that modern economist -- who of course have no training in the history of economics -- have never heard of it and don't know they are using it. They are though. Cheers, Tom Walker (Sandwichman) -=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#35129): https://groups.io/g/marxmail/message/35129 Mute This Topic: https://groups.io/mt/111057829/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. #4 Do not exceed five posts a day. -=-=- Group Owner: marxmail+ow...@groups.io Unsubscribe: https://groups.io/g/marxmail/leave/13617172/21656/1316126222/xyzzy [arch...@mail-archive.com] -=-=-=-=-=-=-=-=-=-=-=-
