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Seventeenth-century philosopher John Locke stated that as much as 99

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Re: Seventeenth-century philosopher John Locke stated that as much as 99 [#permalink] New post   11 Jul 2023, 08:44
GMATNinja wrote:

Questions 3 & 6


gvvsnraju@12 wrote:
Hi GMATNinja Gnpth SajjadAhmad

Why D is the OA for Q.No:6, RC00141-07.

Per my understanding:
Followers of Locke find that LTOV is acceptable. Formulators of LTOV held that entire credit must go to workmen and employers should not view it in profit perspective.

My doubt is, How we can infer that the formulators of LTOV are familiar with Locke's theory.

Take a look at this post for an explanation of (D) for question #6, and let me know whether that clears it up!

RaunaqSinghPunn wrote:
RC00141-04 Which of the following statements, if true, would most effectively counter the author's criticism of Locke at the end of the passage?

(A) Locke was unfamiliar with the labor theory of value as it was formulated by his intellectual heirs.

(B) In Locke's day, there was no possibility of ordinary workers becoming shareholders or pension beneficiaries.

(C) During Locke's lifetime, capital goods did not make a significant productive contribution to the economy.

(D) The precise statistical calculation of the productive contributions of labor and capital goods is not possible without computers.

(E) The terms “capital goods” and “consumer goods” were coined by modern economists and do not appear in Locke's writings.

daagh GMATNinja
Can anybody please explain why "E" is incorrect?
If those terms/bifurcation did not exist at that time when theory was created, how can those be considered. Thereby, countering the author's criticism.

Thanks in advance!

(E) specifies that the terms did not appear in Locke's writings, which is different than saying that the things that those terms refer to did not exist at that time. The fact that the terms did not exist in their current form is not an effective counter to author's argument.

Here's an example: a person went on an unprovoked murderous rampage and then stole a sandwich in ancient times, before the words "murder" and "sandwich" were coined. We can still criticize this person's actions as immoral, even if the terms for those actions did not yet exist.

Similarly, the author can still hold Locke accountable for disregarding the contribution of "capital goods," even if the term did not yet exist at the time of Locke's writings.

I hope that helps!


GMATNinja, choice C states that the capital goods did not make a "significant" contribution, but they could have still made some contribution which should have been highlighted or even mentioned in Locke's work. So, Locke could have still added some details about the positive contribution of capital goods (say, 1% or 50%), but he did not (or maybe he did, we do not know anything about what he attributed the remaining 1% to). So, how does this counter the criticism in the last sentence? This answer choice is not very clear and leaves a lot of room for direct implications. Can you please help to clarify this point?
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Re: Seventeenth-century philosopher John Locke stated that as much as 99 [#permalink] New post   20 Jul 2023, 13:23
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Question 4


kittle wrote:
GMATNinja - but how can we prove that "formulators" and "intellectual heirs" are same people? It could as well be two that both are different set of people referred in the passage?

Take another look at that sentence:

Quote:
"For Locke’s intellectual heirs it was only a short step to the “labor theory of value,” whose formulators held that 100 percent of the value of any product is generated by labor..."

Here, someone is taking a "short step" to come up with a theory. Who is taking that step? "Locke's intellectual heirs."

Then, we get a nice modifier describing the LTOV: "labor theory of value,” whose formulators..."

So, we have the "heirs" who took a short step to reach a theory, and then these same people are described as the "formulators" of that theory.

I hope that helps!
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Re: Seventeenth-century philosopher John Locke stated that as much as 99 [#permalink] New post   25 Sep 2023, 03:38
KarishmaB GMATNinja
can you please let me know why option e is wrong in question 6?
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Re: Seventeenth-century philosopher John Locke stated that as much as 99 [#permalink] New post   26 Sep 2023, 22:00
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priyanshii26 wrote:
KarishmaB GMATNinja
can you please let me know why option e is wrong in question 6?



6. The author of the passage implies which of the following regarding the formulators of the labor theory of value?

(A) They came from a working-class background.
(B) Their views were too radical to have popular appeal.
(C) At least one of them was a close contemporary of Locke.
(D) They were familiar with Locke's views on the relationship between labor and the value of products.
(E) They underestimated the importance of consumer goods in a modern economy.


Option (E) might have had some relevance had it talked about 'capital goods,' not consumer goods.
Along with labour, capital goods facilitate the production of consumer goods.

Check out these video on how to approach RC passages:
https://youtu.be/PtqSBl1D_wg
https://youtu.be/dqoECZ41zSI
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Re: Seventeenth-century philosopher John Locke stated that as much as 99 [#permalink] New post   03 Dec 2023, 09:18
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Question 3


Quote:
GMATNinja, choice C states that the capital goods did not make a "significant" contribution, but they could have still made some contribution which should have been highlighted or even mentioned in Locke's work. So, Locke could have still added some details about the positive contribution of capital goods (say, 1% or 50%), but he did not (or maybe he did, we do not know anything about what he attributed the remaining 1% to). So, how does this counter the criticism in the last sentence? This answer choice is not very clear and leaves a lot of room for direct implications. Can you please help to clarify this point?

We're late to the party here, but just in case it helps somebody: as you suggest, answer choice (C) in question #3 does not counter the criticism in the last sentence. Note that the correct answer choice to question #3 is (E):

Quote:
The productive contribution of capital goods must be attributed to labor because capital goods are themselves products of labor.

The labor theory of value claims that "100 percent of the value of any product is generated by labor." The author disputes this by claiming that one-third of the output of consumer goods is attributable to capital goods. Proponents of the labor theory of value might reply that those capital goods themselves were in fact produced by labor. So really, the value of consumer goods is wholly attributable to labor.

I hope that helps!
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Re: Seventeenth-century philosopher John Locke stated that as much as 99 [#permalink] New post   15 Dec 2023, 03:47
can someone explain the 4 th question
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Re: Seventeenth-century philosopher John Locke stated that as much as 99 [#permalink] New post   16 Dec 2023, 13:20
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Ahi wrote:
can someone explain the 4 th question


Explained here

https://gmatclub.com/forum/seventeenth- ... l#p3238065

Best.
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Seventeenth-century philosopher John Locke stated that as much as 99 [#permalink] New post   02 Apr 2024, 02:10
do test makers expect us to argue like kids?


question 4 asks us to undermine the last sentence, which focuses on "disregard" supposedly advocated by john locke and his fellows.
Quote:
The labor theory of value systematically disregards the productive contribution of capital goods

but the OA indicates that the fact is not those guys disregarded the contribution of capital goods, but there was no such contribution at all.


it's just like two kids arguing: one said "you are wrong" and another fought back "no, you are wrong"
that's ridiculous for a gmat question.


the only thing justifying this question, "if true" at this point, is funny too.
Quote:
Which of the following statements, if true, would most effectively counter the author's criticism of Locke at the end of the passage?
(C) During Locke's lifetime, capital goods did not make a significant productive contribution to the economy.

because such claim has never been true.
capital investment, labor force, intellectual property, and land tenure are essential factors making contribution to the economy, even in locke's era.
the fact that john locke and his fellows solely praised labor force can only tell us that they rejected other factors arbitrarily.

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