- Capitalism and Alternatives -Adam SmithIn Reply to: Nope. posted by Red Deathy on May 24, 1999 at 18:47:18:
Actually, it is quite ironic that you would support this considering that Adam Smith, a bastion of free-market thought, was the one who originated this theory. In any case, this theory is wrong and the various free-market economists such as Bastiat and the Austrian economists like Hayek, Von Mises and Menger, have realized this. The socialists, as in everything else, haven't realized their error. Just a simple example which renders false the labor theory of value would be the "diaomond case". Suppose a person finds a diamond on the beach. This person would be payed quite handsomely, yet very little work was done. Really, value is nothing more than a figure respresenting the amount of work saved by the person purchasing the service or good
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