It really all comes down to pricing theory, right? Marxism says that labor has intrinsic economic value. That's fundamental to Marxist communist thought, from economics to social theory to theories of history.
Liberal economic theory says that there's no such thing as intrinsic economic value. See Diamond Fallacy. Optimal price signaling through a free market would be a necessary corollary. (And I think the Halting Problem could be used to prove that.)
Neither seem right to me, but Marxism definitely seems far more wrong. Nonetheless, concepts like dignity and justice wouldn't exist if labor and other activities didn't have some kind of intrinsic value, however indefinite or indeterminable. The vast majority of people in capitalist societies, especially those in ultra capitalist societies, and particularly Americans, believe in an intrinsic worth to labor. And human concepts such as dignity, justice, and "the value of human life" exist precisely to define what we perceive as intrinsic value. And perhaps that's what democracy is about--a hack bolted onto free market capitalism to aggregate (in a very poor manner) our normative assessments of different kinds of intrinsic values, and to pay those costs more optimally than capitalism alone could manage.
> Nonetheless, concepts like dignity and justice wouldn't exist if labor and other activities didn't have some kind of intrinsic value, however indefinite or indeterminable.
I think this is wrong. You're trying to derive human worth from economic value. You can't do it. (And even if you succeeded, it would be at the price of reducing humans to their economic output, which is really dehumanizing.)
The truth is is that all labor is of equal COST, that being one hour of a person's time, but all labor is not of equal VALUE. Someone building a machine to do something is more valuable then the equivalent time spent doing the task by hand for example. The calculation of whether the machine should be built and then what it should be used for, especially if its function is very non-specific, such as a lathe, is where socialism gets messy and capitalism does better.
Liberal economic theory says that there's no such thing as intrinsic economic value. See Diamond Fallacy. Optimal price signaling through a free market would be a necessary corollary. (And I think the Halting Problem could be used to prove that.)
Neither seem right to me, but Marxism definitely seems far more wrong. Nonetheless, concepts like dignity and justice wouldn't exist if labor and other activities didn't have some kind of intrinsic value, however indefinite or indeterminable. The vast majority of people in capitalist societies, especially those in ultra capitalist societies, and particularly Americans, believe in an intrinsic worth to labor. And human concepts such as dignity, justice, and "the value of human life" exist precisely to define what we perceive as intrinsic value. And perhaps that's what democracy is about--a hack bolted onto free market capitalism to aggregate (in a very poor manner) our normative assessments of different kinds of intrinsic values, and to pay those costs more optimally than capitalism alone could manage.