Orostan wrote:Taihei Tengoku wrote:Relative value is prices, and LTV is to prices what geocentric heavenly spheres are to astronomy--able to explain a few cases "intuitively" but must quickly contort for anything further until it destroys itself.
LTV does not explain market prices. All it explains is equilibrium price and relative value in terms of equilibrium price and labor.
Equilibrium prices are market prices. There is no Platonic "intrinsic" or "use" value, and it is a worthless concept anyways--nobody pays it, even the author of the article you think I haven't read.