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Following on from Bohm-Bawerk's "Capital and Interest", which is critical of Marx and the LTV - see also Wieser, especially his arguments regarding the value of natural resources (chapter 6) and hence the problems with the LTV (chapter 7, Book III...), undermining socialism. But, leading up to this he presents a brutal - brutally fair - critique of exchange value and its painful consequences for the poor and benefits to the rich (chapter 5):
Natural Value (1889)
by Friedrich von Wieser (1851-1926)
Chapter V. The Service of Exchange Value in General Economy.
Its function is the control not only of production but of distribution, inasmuch as price depends not only on utility but on purchasing power. But beggar and millionaire pay the same marginal price for necessaries, and the wealth of the rich, thus spared, goes to direct production of class luxuries.
Chapter VI. Natural Value.
The plan of the present work: to find what, among our forms of value, would continue in a perfect or communist state, and so to find the permanent basis of all economic life.
Does LTV undermine any possibility of socialism, is there a way to do away with exchange value economy keeping natural value in mind?
Even if a set of natural/just values for production and distribution could be ascertained under LTV, these numbers could not be applied a 6 months or a year later. Assuming that planners had allocated every worker to a job in accordance with a demonstrably nonexploitative plan, in a few months time, some of those workers could have become sufficiently practiced at their craft that the previous harmony of labor to products and their use-value would be disrupted. A LTV-derived configuration of an economy is like a sandcastle cast while at high tide.
Indeed - one of the biggest problems with planning is that there must be a plan period, and whatever prices are chosen at the start of the plan period are likely to lose accuracy over that period, and without the ability to adjust them (which would make enacting the plan impossible) prices will diverge more and more from those which represent supply, shortages and costs facing planners, and demand and choices of the people.