Episode
Ep. 512 The Rise and Fall of the Labor Theory of Value
- Podcast
- Bob Murphy Show
- Published
- Jun 15, 2026
- Duration seconds
- 2145
- Processing state
not_requested
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Summary
Relying on his Journal of Libertarian Studies review essay of Kevin Carson' book on mutualism, Bob first explains--and then critiques--the labor (and cost) theory of economic value. This was not exclusively a Marxist idea; it was held by Adam Smith and other classical economists.