Labour Theory of Value vs Demand and Supply

"Prices are not determined by labour but by demand and supply" argue economics students. What they do not realise is that labour theory of value does not deny that prices are determined by demand and supply. Labour theory of value argues that demand and supply is determined by the cost of production. The normalisation of the rate of profit brings price back to the cost of production. And cost of production is nothing other than the labour in the commodity. Neo-classical economics accepts the argument about the cost of production. But they are unwilling to accept the labour theory of value because, acting as apologists of capitalism, they are unwilling to accept that capitalism is an exploitative system. This has resulted in the subject of economics changing from a scientific study of capitalism into a form of ideology in favour of capitalism.

Видео Labour Theory of Value vs Demand and Supply канала Taimur Rahman - Urdu