Dak
mentat
I believe the second portion of my comment addressed that: "it's a critical apparatus; not a model for functionality." In other words, it can criticize and not provide an otherwise applicable model.
The labor theory of value only holds under capitalism, in Marx's philosophy.
Lots of people disagree on what Marx "meant," which is one of the things that makes him still so interesting to read. I personally don't see how what you quoted contradicts what I did
But that it doesn't even hold under capitalism, or any ism for that matter, is my point.
Rereading the quote from earlier,
Marx was well aware that price and value may differ wildly based on monopoly, demand and other fluctuations, but considered it irrelevant to his theory of value. He never claimed to be able to predict the day-to-day movements of prices, and purported attempts to use the LTV to do this are erroneous.
So while it may well be true that the tastes of rich people propel the price of diamonds upwards (whether this is due to the fact that they ‘subjectively value’ diamonds higher than poor people or the fact that they’re rich is up for debate, but I digress), but according to the LTV, this imbalance between price and value must be offset somewhere else, by some other commodity selling below its value. The important thing for Marx was the aggregate equality of price and value*.
it comes more clearly to my attention that I must agree it is not a difference in understanding (or contradiction) at all, and rather is an affirmation of the statement "labor is the substance of value" and thusly that capital steals from, dominates, destroys human beings. Only through price can this occur, when price and any labor derived valuation diverge (which they necessarily will). This clarification still does not negate problem in understanding wealth as zero-sum, objectifying the subjective, and so on.
it's fairly clear that Marx was explicating a theory of value which he saw emerging under capitalism.
Well if we define capitalism as only some new emergent phenomena, then the LToV did arise within a similar timeframe, but was autistic and shortsighted. Of course, if the LToV were true, I don't see how one could ethically be anything but anti-capital.
But the labor theory of value does serve as a source of valuable critique against capitalism, namely in the way it allows for us to understand alienation of labor, reification, commodity fetishism, and other important components of Marxian philosophy.
I don't think it's necessary at all, rather it is a hindrance. Anything can be fetishized, and theoretically many things can be "Reified", but reaction against the foundational or fundamental errors of Marxism (again, the foundation isn't even "marxist" itself) causes many to throw out anything valuable along with it. In this way, if we perceive through a Marxian lens, Marxism provides a mystical outside that "Capitalism" thus conceived can always be seen to engulf but never in totality, as long as the LToV exists in even one mind. It provides a catalyst for rampant (yet not runaway) consumerism by creating a blindspot to fetishization.