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Paul Cockshott — 3 Bad Objections To the labour theory of value

Summary:
Since various economics professors noticed that Marxists had been publishing articles showing, from empirical data, that the labour theory of value was right[ 5,3,4,6,1 7,2 ], they have felt the need to come up with objections. Whilst in the past the objections economists raised to the labour theory of value were purely abstract and theoretical, now they had a harder job. They now had Marxists producing actual figures which they had to cast doubt on.  The objections raised by economists then get relayed in a popularised form on blogs or social media debates. It is worth my while giving a brief rundown of the 3 favourite objections along with an explanation of why these are all groundless. We have refuted them all in the open literature but since the relevant paper is not well known

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Since various economics professors noticed that Marxists had been publishing articles showing, from empirical data, that the labour theory of value was right[ 5,3,4,6,1 7,2 ], they have felt the need to come up with objections. Whilst in the past the objections economists raised to the labour theory of value were purely abstract and theoretical, now they had a harder job. They now had Marxists producing actual figures which they had to cast doubt on. 
The objections raised by economists then get relayed in a popularised form on blogs or social media debates. It is worth my while giving a brief rundown of the 3 favourite objections along with an explanation of why these are all groundless. We have refuted them all in the open literature but since the relevant paper is not well known here is a short informal account....
Not to mention problems with the marginalist theory of value that compete with the LTV.

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3 Bad Objections To the labour theory of value
Paul Cockshott

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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