The liberal idea is that supply and demand meet at price, and they try to obfuscate value by wrapping it up into supply. However, Marxist economics provides a more grounded and coherent answer, that value is the real center and that fluctuations in supply and demand merely bring price above or below value. Value is best represented as the socially necessary labor time to produce a commodity, and is what forms the basis of price.
Kinda!
The liberal idea is that supply and demand meet at price, and they try to obfuscate value by wrapping it up into supply. However, Marxist economics provides a more grounded and coherent answer, that value is the real center and that fluctuations in supply and demand merely bring price above or below value. Value is best represented as the socially necessary labor time to produce a commodity, and is what forms the basis of price.