Hey guys, I've been trying to consolidate Austrian economic arguments with the ltv.
During my research into the economic school I have been convinced of certain arguments, most notably of time preference and deferred consumption. Alongside the argument that market price is a product of scarcity and perceived utility, I have been forced to relegate the ltv to a secondary, though significant, factor in value and price formation.
Even though I would probably never reject the ltv, being an essential part in understanding economic phenomenon, as it stands it is too simplistic to describe all economic phenomena.
Do you guys think inversely that the ltv might play any role in complementing Austrian economic theory? How might you alter socialist theory to incorporate truisms from other schools of thought?