[The One and Only...]

Prove to me that the labour theory of value holds any meaning. It cannot be done except by the application of theory. Theory holds that an exchange between a man who spends 2 hours killing 2 rabbits and a man who spends 2 hours killing 1 rabbit will result in a trade of 2 rabbits for 1 rabbit. If we assume any moderate amount of intelligence, that will not happen.

I do not find Marx's example to be accurate. The diamond's price would fall because of the increase in supply, not because the value of laboring for diamonds fell. On the contrary, the productive value of labor went up, because the business that found such an area full of diamonds would surely use the price fluctuation to their advantage (i.e. more profit, out compete other diamond quarries, etc.).

I'll look up on the new entrances in the socialist calculation debate, but I imagine that someone else already continued it from the Austrian perspective.