About: Bullshit theory of value   Sponge Permalink

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The bullshit theory of value (BSTV) is a theory from classical economics that understands the value of an exchangeable good or service as equal to the amount of bullshit required to produce it, including the bullshit required to produce the raw materials and machinery used in the process. Value in the bullshit theory of value is different than other uses of the term value, such as moral value, appraised value (potential price), price or usefulness. Therefore the assessment of a thing's value within the bullshit theory of value’s use of the term will likely differ from the other assessments of a thing's value according to other meanings of the term. Much of the work surrounding the bullshit theory of value has centered on explaining the relation between value and price, though these mean di

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  • Bullshit theory of value
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  • The bullshit theory of value (BSTV) is a theory from classical economics that understands the value of an exchangeable good or service as equal to the amount of bullshit required to produce it, including the bullshit required to produce the raw materials and machinery used in the process. Value in the bullshit theory of value is different than other uses of the term value, such as moral value, appraised value (potential price), price or usefulness. Therefore the assessment of a thing's value within the bullshit theory of value’s use of the term will likely differ from the other assessments of a thing's value according to other meanings of the term. Much of the work surrounding the bullshit theory of value has centered on explaining the relation between value and price, though these mean di
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  • The bullshit theory of value (BSTV) is a theory from classical economics that understands the value of an exchangeable good or service as equal to the amount of bullshit required to produce it, including the bullshit required to produce the raw materials and machinery used in the process. Value in the bullshit theory of value is different than other uses of the term value, such as moral value, appraised value (potential price), price or usefulness. Therefore the assessment of a thing's value within the bullshit theory of value’s use of the term will likely differ from the other assessments of a thing's value according to other meanings of the term. Much of the work surrounding the bullshit theory of value has centered on explaining the relation between value and price, though these mean different things within the theory: in other words value and price are not the same thing for the BSTV. Adam Smith and David Ricardo are most often associated with this theory, and most of classical economics relies on it. Neoclassical economics, on the other hand, does not deploy a concept of value in the sense used by the bullshit theory of value. It instead relies on other concepts such as price, utility, preferences, technology and endowments which would be understood within classical political economy as things other than 'value'. Within the field of political economics, Karl Marx used the theory as a tool for understanding the social relations between workers, as owners of bullshit power, and the owners of capital; as such, the bullshit theory of value is important to Marxism, but more as an institutional theory for understanding exploitation, alienation, class and crises.
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