On Value: Part 1, The Classical Labor Theory

This is the first video in a three part YouTube series on Value Theory, created by @tak_kakYT. Part One explores the the Labor Theory of Value, Part Two reviews the Subjective Theory of Value as compared to the LTV, and Part Three will cover Mutualist and Individualist insights on the topic. Subscribe to Hades’ YouTube channel here.

“Part 1 of 3. It may be a dismay to some that this video relishes in diving into theory that may seem, at best, adjacent to Mutualism—but that is a wrong assessment. Adam Smith's Theory of Value is latent and immanent in Mutualist Value Theory; and understanding Smith, Ricardo, and Marx is very important to get a grasp on the subject as a whole. "The economic principles of Modern Socialism are a logical deduction from the principle laid down by Adam Smith in the early chapters of his 'Wealth of Nations,' – namely, that labor is the true measure of price." [Benjamin Tucker, State-Socialism and Anarchism] Subjectivists, as we will see, are not without their merit, but we will save that for Part 2. Thank you Captain Croaker, Grey, ThoughtConvergence, & Shawn Wilbur for aiding this project. “

0:00 General Intro

1:15 The Labor Theory of Value

2:28 Adam Smith

8:36 David Ricardo

11:29 Karl Marx

15:30 Exploitation

16:12 What is "Exploitation"?

21:12 Wage-slavery

25:06 Bargaining by Labor

29:03 Part 1 Conclusion

Read the transcript for this video here.