[Reiwa]

Originally Posted by Lune [You must be logged in to view images. Log in or Register.]

Meditate on the fact that early attempts to unionize and bargain collectively were met with literal military force, and the fact that Western oligarchies across the world continue to import millions of economic migrants in order to depress the cost and value of labor--in spite of widespread, grassroots public outcry that has now destabilized the world's largest economy-- and then come back and tell me the value of labor isn't being stolen.

No meditation needed. I'm always at full manna from Heaven.

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The labor theory of value largely fell out of favor in mainstream economics by the late 19th century, with the "marginal utility revolution" of the 1870s being a key turning point where economists began to embrace the idea that value is determined by subjective preferences rather than just labor input; therefore, marking the end of the widespread acceptance of the labor theory of value.
Key points about the decline of the labor theory of value:
Austrian School:
Economists like Eugen von Böhm-Bawerk from the Austrian School heavily criticized the labor theory of value and promoted the concept of marginal utility, leading to its decline.
Neoclassical Economics:
Modern economic thought, largely based on neoclassical economics, rejects the labor theory of value in favor of supply and demand dynamics based on individual preferences.
Marx's Influence:
Although Karl Marx is closely associated with the labor theory of value, even within Marxist economics, there are ongoing debates about the validity and applicability of this concept in contemporary economic analysis.