Does LTV always work?

If I work hard to produce useless things from wood, then would the value of those useless wooden things be still equal to the EL+LL? It seems that the things I have produced have no value at all...

Official response from submitted

No, Marx is quite clear that for products of labor to have exchange value (i.e. the socially necessary abstract labor embodied conveyed by the EL+LL formulations) they must be use-values to someone other than their producer. Thus producing something useless means it has no socially necessary abstract labor embodied in it.

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  • Richard Wolff
    responded with submitted 2017-05-07 21:11:36 -0400
  • dara ghz
    published this page in Ask Prof. Wolff 2017-05-07 15:25:36 -0400