The Scientific Status of the Labor Theory of Value

The following is an excellent paper written by the socialist professors, Paul Cockshott and Allin Cottrell, which addresses the solid empirical basis for the controversial labor theory of value.

Here's a brief abstract of the article:

In this paper we wish to argue that the labour theory of value is a scientific theory in the strongest sense of the empirical sciences. We first elaborate upon what we take to be criteria of scientificity, and then show that these are in practice met by the labor theory of value.

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I highly recommend the article to those of you who wish to familiarize yourselves with the basic theory itself, as well as the contemporary data which has been complied proving its validity. The mathematical models contained in the article may seem complex, but don't allow them to dissuade you from reading the paper.

I also recommend that everyone read Prof. Cockshott's essay, "Competing Theories: Wrong or Not Even Wrong?," which analyzes why, despite possessing its aforementioned empirical grounding, the labor theory of value nevertheless fell into disrepute within the academic community.