labor theory of value again

[Michael Perelman <michael@xxxxxxxxxxxxxxxxx>]

This citation from Sen might be interesting:
March 24, 1994Sen, Amartya. 1978. "On the Labour Theory of Value: Some
Methodological Issues." Cambridge Journal of Economics. 2 pp. 175-90.
He compares labor theory of value to statement that "Michelangelo made the
statue of David".
"The description is remarkably selective on facts: it says nothing about t
tools and instruments used in making the statue; it is silent on the
ownership of the huge block of marble that Michelangelo used; it eschews t
patronage that Michelangelo received.  The description is not based on the
assumption that Michelangelo would have been able to make the statue even
without these other things but in the role of Michelangelo in the making o
the statue and the role of these other things.  In going from all possible
factual statements about a phenomenon to a pithy description, there is, in
sense, a loss of information, but there is also, in another sense, a gain
focus."

--
Michael Perelman
Economics Department
California State University
Chico, CA 95929

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