[VIDEO] ‘In an era marked by AI, is the Marxist Labor Theory of Value still valid?’

Professor Stavros Mavroudeas deals with this issue in his online presentation to Moscow Lomonosov University.

“This paper addresses the issue of new information technologies and especially of the so-called artificial intelligence (AI). It proposes a critical evaluation of both their abilities and also their purported purge of human labor from the economy. Main points of this presentation are the following. First, under the rubrique of (IT), in the past, and AI, nowadays, quite different processes are being bundled. This leads to a certain analytical fuzziness. Second, their real impact on the economy is highly dubious. As the famous Solow paradox showed in regard to IT, they do not necessarily increase productivity. Thus, older (under IT) and newer (under AI) talks about industrial revolutions are not verified. Fourth, arguments about the total displacement of human labour are highly exaggerated. In conclusion, this paper argues that the Marxist Labour Theory of Value (LTV) is perfectly suited to explain these technological developments.”