Abstract
The labor theory of value, long-derided as poor economic science, remained persuasive for over a century because alongside its rational models of value and price were emotional appeals to justice. Understanding the intertwined emotional and logical appeals in the writings of Adam Smith, David Ricardo, and Karl Marx allows us to see that economics, in its early phases, did not pursue the social-scientific ideals of rationality and objectivity that came to dominate in the twentieth century. Furthermore, attending to the emotional and political appeals in past labor theories of value helps us to see their worth as public arguments about capitalism. Finally, understanding the labor theory of value as rhetoric helps us to understand the appeal of recent (especially Marxian) efforts at reviving the theory.
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