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Our economy's production, at least in part, comes from the labor of workers. But to what extent is it useful to try to derive the value of our products either from the amount of or the type of labor that went into producing them? Classical economists such as Adam Smith and David Ricardo thought this approach was a useful starting point for explaining prices and production. The labor theory of value also underpins much of Marx's philosophy.

Basic income gives people access to the economy's output independently of their individual labor contribution. When does it help to describe the value of goods and services in terms of how useful they are to people? Do we care more about the value we get out of the economy, or what we put into it? Where does labor fit into the picture?

We have two optional readings this week. The first is a 2015 FEE article by Steven Horwitz entitled "We're Still Haunted by the Labor Theory of Value."

https://fee.org/articles/were-still-h...

The second, longer article is a 2005 piece by Mick Brooks entitled "An introduction to Marx's Labour Theory of Value" posted on the In Defence of Marxism website.

https://www.marxist.com/marx-marxist-...

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