3.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.
Author's criticism of Locke at the end of the passage: The labor theory of value systematically disregards the productive contribution of capital goods—a failing for which Locke must bear part of the blame.
Locke disregards the productive contribution of capital goods is author's criticism of Locke. We need to counter it i.e. give a reason why he was right in ignoring the contribution of capital goods.
(A) Locke was unfamiliar with the labor theory of value as it was formulated by his intellectual heirs.
What his heirs did with his theory is besides the point. The author is saying that Locke himself ignored contribution of capital goods in his theory and that is a problem.
(B) In Locke's day, there was no possibility of ordinary workers becoming shareholders or pension beneficiaries.
Irrelevant.
(C) During Locke's lifetime, capital goods did not make a significant productive contribution to the economy.
Correct. This tells us that during Locke's time, capital goods made no significant productive contribution so it made sense that Locke ignored them. This counters the author's criticism of Locke and explains why he did what he did and why it made sense.
(D) The precise statistical calculation of the productive contributions of labor and capital goods is not possible without computers.
Doesn't matter. Just because you cannot precisely calculate, it doesn't mean you should ignore one factor.
(E) The terms “capital goods” and “consumer goods” were coined by modern economists and do not appear in Locke's writings.
Doesn't matter when the terms came into being.
Answer (C)
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Karishma
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