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

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Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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Seventeenth-century philosopher John Locke stated that as much as 99 percent of the value of any useful product can be attributed to “the effects of labor.” 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 (the human work needed to produce goods) and that therefore the employer who appropriates any part of the product’s value as profit is practicing theft.

Although human effort is required to produce goods for the consumer market, effort is also invested in making capital goods (tools, machines, etc.), which are used to facilitate the production of consumer goods. In modern economies about one-third of the total output of consumer goods is attributable to the use of capital goods. Approximately two-thirds of the income derived from this total output is paid out to workers as wages and salaries, the remaining third serving as compensation to the owners of the capital goods. Moreover, part of this remaining third is received by workers who are shareholders, pension beneficiaries, and the like. The labor theory of value systematically disregards the productive contribution of capital goods—a failing for which Locke must bear part of the blame.
RC00141-01
The author of the passage is primarily concerned with

(A) criticizing Locke's economic theories

(B) discounting the contribution of labor in a modern economy

(C) questioning the validity of the labor theory of value

(D) arguing for a more equitable distribution of business profits

(E) contending that employers are overcompensated for capital goods

RC00141-02 According to the author of the passage, which of the following is true of the distribution of the income derived from the total output of consumer goods in a modern economy?

(A) Workers receive a share of this income that is significantly smaller than the value of their labor as a contribution to total output.

(B) Owners of capital goods receive a share of this income that is significantly greater than the contribution to total output attributable to the use of capital goods.

(C) Owners of capital goods receive a share of this income that is no greater than the proportion of total output attributable to the use of capital goods.

(D) Owners of capital goods are not fully compensated for their investment because they pay out most of their share of this income to workers as wages and benefits.

(E) Workers receive a share of this income that is greater than the value of their labor because the labor theory of value overestimates their contribution to total output.

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.

RC00141-05 Which of the following best describes the organization of the passage?

(A) The author explores the origins of a theory and explains why the theory never gained widespread acceptance.

(B) The author introduces the premise of a theory, evaluates the premise by relating it to objective reality, then proposes a modification of the theory.

(C) After quoting a well-known authority, the author describes the evolution of a theory, then traces its modern form back to the original quotation.

(D) After citing a precursor of a theory, the author outlines and refutes the theory, then links its flaw to the precursor.

(E) After tracing the roots of a theory, the author attempts to undermine the theory by discrediting its originator.

RC00141-06 Which of the following arguments would a proponent of the labor theory of value, as it is presented in the first paragraph, be most likely to use in response to lines 23–25 (last sentence in bold) ?

(A) The productive contributions of workers and capital goods cannot be compared because the productive life span of capital goods is longer than that of workers.

(B) The author's analysis of the distribution of income is misleading because only a small percentage of workers are also shareholders.

(C) Capital goods are valuable only insofar as they contribute directly to the production of consumer goods.

(D) The productive contribution of capital goods must be discounted because capital goods require maintenance.

(E) The productive contribution of capital goods must be attributed to labor because capital goods are themselves products of labor.

RC00141-07 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.

Same Text with Fewer Questions appears here: https://gmatclub.com/forum/seventeenth- ... 90904.html

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Originally posted by bb on 04 Aug 2018, 12:28.
Last edited by SajjadAhmad on 14 Aug 2019, 21:31, edited 2 times in total.
Updated - Complete topic (145).
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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04 Aug 2018, 22:34
4
shubham2312 wrote:
guys can someone explain why option A of question 1 is incorrect or share diffrence between "criticizing" and " questioning the validity".
in regard to question 1.
Option A talks about "theories", but the passage is talking about only one theory.

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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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06 Aug 2018, 06:50
Regarding Question 2 option E
Passage states that about one-third of the total output of consumer goods is attributable to the use of capital goods. So, the remaining two-third or a part of the remaining two-third can be attributed to the workers. We have no information to find this out. So, it is possible that whole of the remaining two-third can be attributed to the workers. In this case, the workers are not receiving a share that is greater than the value of their labor.
Also, I don't remember reading anything about overestimation of contribution of workers.
So, option E cannot be the answer.

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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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06 Aug 2018, 19:46
2

Can anyone explain me RC00141-02?
I am too confused with ratio and numbers or may
be I am too caught up in details!!

I interpreted the answer using the following lines

Quote:
In modern economies about one-third of the total output of consumer goods is attributable to the use of capital goods. Approximately two-thirds of the income derived from this total output is paid out to workers as wages and salaries, the remaining third serving as compensation to the owners of the capital goods. Moreover, part of this remaining third is received by workers who are shareholders, pension beneficiaries, and the like.

attributable to the use of capital goods = one-third of the total output
Approximately two-thirds of total output is paid out to workers as wages and salaries
Remaining third serves as compensation to the owners of the capital goods.
Moreover, part of this remaining third is received by workers who are shareholders, pension beneficiaries

So, owners of the capital goods receive a little less than one third of total output of consumer goods is attributable to the use of capital goods and option C echoes this.

I hope that helped. Let me know.
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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07 Aug 2018, 20:26
3

Can anyone explain me RC00141-02?
I am too confused with ratio and numbers or may
be I am too caught up in details!!

Here's my take on this specific question -

(A) Workers receive a share of this income that is significantly smaller than the value of their labor as a contribution to total output. Its the opposite, we are told that about 2/3 of the income from total output is paid out to workers - Incorrect
(B) Owners of capital goods receive a share of this income that is significantly greater than the contribution to total output attributable to the use of capital goods. Its again the opposite,owners receive 1/3 of the share attributed to the income from total output because of capital goods
(C) Owners of capital goods receive a share of this income that is no greater than the proportion of total output attributable to the use of capital goods. - Safer,generalized option - which states no greater than the total output - keep it - In line with the passage
(D) Owners of capital goods are not fully compensated for their investment because they pay out most of their share of this income to workers as wages and benefits. - Irrelevant
(E) Workers receive a share of this income that is greater than the value of their labor because the labor theory of value overestimates their contribution to total output. - Irrelevant - labor theory overestimates in the sense that it disregards the contribution of capital goods, not in terms of the share of the income specifically to workers. may be this overestimation is because of the other factor,who knows what

Hope this helps!!
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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09 Aug 2018, 21:36
2
2

Can anyone explain me RC00141-02?
I am too confused with ratio and numbers or may
be I am too caught up in details!!

Notice this in the passage:
" In modern economies about one-third of the total output of consumer goods is attributable to the use of capital goods. Approximately two-thirds of the income derived from this total output is paid out to workers as wages and salaries, the remaining third serving as compensation to the owners of the capital goods. "

1/3rd of output is attributable to use of capital goods.
1/3rd of income is given to the owners of the capital goods.

(C) says "Owners of capital goods receive a share of this income that is no greater than the proportion of total output attributable to the use of capital goods."

It matches what the passage says. Share of income is no greater than the proportion of total output.
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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29 Sep 2018, 02:46
Can anyone elaborate on Q3? Why should we choose C instead of B?
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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29 Sep 2018, 03:20
1
Snezanelle wrote:
Can anyone elaborate on Q3? Why should we choose C instead of B?

the first sentecne says "Although human effort is required to produce goods for the consumer market, effort is also invested in making capital goods " and then the entire passage explain this that how capital good help and then the next sentence " In modern economies about one-third of the total output of consumer goods is attributable to the use of capital goods.--->talks about modern economies
thus what if Capital market did not make a significant productive contribution in Locky's time as this concept exists in modern era.

Now coming to your question, why not B
it says that one third of the earning from capital good is given to owner and even third of this is given to workers working as shareholders and as pension beneficiaries
This tells about that how division of money earned due to capital good take place. This concept exist only when in investment in capital good started taking place in modern economies. no investment in capital goods, no such benefits...so it doesnt effectively counter the author's criticism of Locke
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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04 Oct 2018, 06:51
RC00141-06 Which of the following arguments would a proponent of the labor theory of value, as it is presented in the first paragraph, be most likely to use in response to lines 23–25 (last sentence in bold) ?

(A) The productive contributions of workers and capital goods cannot be compared because the productive life span of capital goods is longer than that of workers.

(B) The author's analysis of the distribution of income is misleading because only a small percentage of workers are also shareholders.

(C) Capital goods are valuable only insofar as they contribute directly to the production of consumer goods.

(D) The productive contribution of capital goods must be discounted because capital goods require maintenance.

(E) The productive contribution of capital goods must be attributed to labor because capital goods are themselves products of labor.

GMATNinja @KarishmaB
Please explain why D is incorrect in this question. I was confused between D and E.
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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14 Oct 2018, 08:50
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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16 Oct 2018, 11:44
2
manjot123 wrote:

hello manjot123

below is an extract from first para. read carefully, outloud.

“Seventeenth-century philosopher John Locke stated that as much as 99 percent of the value of any useful product can be attributed to “the effects of labor.” For Locke’s intellectual heirs it was only a short step to the “labor theory of value,””

Now, let me rephrase the bold part in modern words

"For Locke`s followers it was quite logical that Lock attributed 99 percent of the value of any useful product to “the effects of labor."

hence, formulators were familiar with Locke`s crazy works

p.s. A short step to something means - it is logical to do something
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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22 Nov 2018, 10:35

Which of the following best describes the organization of the passage?

(A) The author explores the origins of a theory and explains why the theory never gained widespread acceptance.

(B) The author introduces the premise of a theory, evaluates the premise by relating it to objective reality, then proposes a modification of the theory.

(C) After quoting a well-known authority, the author describes the evolution of a theory, then traces its modern form back to the original quotation.

(D) After citing a precursor of a theory, the author outlines and refutes the theory, then links its flaw to the precursor.

(E) After tracing the roots of a theory, the author attempts to undermine the theory by discrediting its originator.

Why E is not the answer?
Here root of theory is John Locke statement.

The labor theory of value systematically disregards the productive contribution of capital goods???a failing for which Locke must bear part of the blame.

Here he is undermining it (disregards ,a failing) ,and discredits originator(Locke must bear blame)

D says
After citing a precursor of a theory, the author outlines and refutes the theory, then links its flaw to the precursor.

Ok precursor cited,theory outlined but where is it refuted?
Please expln difference between D and E
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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23 Nov 2018, 04:27
2
1
vanam52923 wrote:

Which of the following best describes the organization of the passage?

(A) The author explores the origins of a theory and explains why the theory never gained widespread acceptance.

(B) The author introduces the premise of a theory, evaluates the premise by relating it to objective reality, then proposes a modification of the theory.

(C) After quoting a well-known authority, the author describes the evolution of a theory, then traces its modern form back to the original quotation.

(D) After citing a precursor of a theory, the author outlines and refutes the theory, then links its flaw to the precursor.

(E) After tracing the roots of a theory, the author attempts to undermine the theory by discrediting its originator.

Why E is not the answer?
Here root of theory is John Locke statement.

The labor theory of value systematically disregards the productive contribution of capital goods???a failing for which Locke must bear part of the blame.

Here he is undermining it (disregards ,a failing) ,and discredits originator(Locke must bear blame)

D says
After citing a precursor of a theory, the author outlines and refutes the theory, then links its flaw to the precursor.

Ok precursor cited,theory outlined but where is it refuted?
Please expln difference between D and E

There is a problem with (E).
What is the meaning of "the author attempts to undermine the theory by discrediting its originator"?

When you discredit someone, you defame him. You try to injure his reputation.
Say, you may discredit the originator by questioning his intellect/reasoning capability/character etc.
The passage does not discredit the originator - Locke's intellectual heirs. It doesn't discredit Locke either.
The passage questions the theory itself and then links it back to Locke.

This is what (D) says. Hence answer is (D)
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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07 Apr 2019, 00:05
Could someone help to explain option E is correct for question 5?

This is what I understood from the last paragraph of the passage:

The labor theory failed to take into account the productive contribution of capital goods.

The question is asking for a statement that supports the labor theory right? I felt that option E acted more as a weakener rather than strengthening the labor theory of value. Could someone please help provide some insight on this? thank you
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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16 Apr 2019, 00:59
1
Leonaann wrote:
Could someone help to explain option E is correct for question 5?

This is what I understood from the last paragraph of the passage:

The labor theory failed to take into account the productive contribution of capital goods.

The question is asking for a statement that supports the labor theory right? I felt that option E acted more as a weakener rather than strengthening the labor theory of value. Could someone please help provide some insight on this? thank you

From the first paragraph, we know that the formulators of the labor theory of value (LTOV) believed that:

• "100 percent of the value of any product is generated by labor (the human work needed to produce goods)," and that
• "therefore the employer who appropriates any part of the product’s value as profit is practicing theft."

Question #5 asks how a proponent of this theory argue against the following:
Quote:
The labor theory of value systematically disregards the productive contribution of capital goods—a failing for which Locke must bear part of the blame.

So, how would someone who believes that "100 percent of the value of any product is generated by labor" respond to the charge that he/she is disregarding the "productive contribution of capital goods"?

Take a look at answer choice (E):
Quote:
(E) The productive contribution of capital goods must be attributed to labor because capital goods are themselves products of labor.

Here, a proponent of the LTOV is arguing that capital goods are just like any other goods -- they are products of labor. Because human work was required to create the capital goods in the first place, anything that capital goods produce can be attributed back to labor. So, the LTOV is not "systematically disregard[ing] the productive contribution of capital goods," but rather saying that the value of capital goods, like that of any other good, is generated by labor. (E) is the correct answer for question #5.

I hope that helps!
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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13 May 2019, 23:45
VeritasKarishma why not d over e. Even if capital goods are human made,its contribution is allocated to capital goods:--
in this line ''human effort is required to produce goods for the consumer market, effort is also invested in making capital goods (tools, machines, etc.), which are used to facilitate the production of consumer goods.
So, capital goods allocation means we pay people who make machines their due. Can't understand why d is wrong!

Which of the following arguments would a proponent of the labor theory of value, as it is presented in the first paragraph, be most likely to use in response to lines 23–25 (last sentence in bold) ?

(A) The productive contributions of workers and capital goods cannot be compared because the productive life span of capital goods is longer than that of workers.

(B) The author's analysis of the distribution of income is misleading because only a small percentage of workers are also shareholders.

(C) Capital goods are valuable only insofar as they contribute directly to the production of consumer goods.

(D) The productive contribution of capital goods must be discounted because capital goods require maintenance.

(E) The productive contribution of capital goods must be attributed to labor because capital goods are themselves products of labor.
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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14 May 2019, 21:52
1
gmat8998 wrote:
VeritasKarishma why not d over e. Even if capital goods are human made,its contribution is allocated to capital goods:--
in this line ''human effort is required to produce goods for the consumer market, effort is also invested in making capital goods (tools, machines, etc.), which are used to facilitate the production of consumer goods.
So, capital goods allocation means we pay people who make machines their due. Can't understand why d is wrong!

Which of the following arguments would a proponent of the labor theory of value, as it is presented in the first paragraph, be most likely to use in response to lines 23–25 (last sentence in bold) ?

(A) The productive contributions of workers and capital goods cannot be compared because the productive life span of capital goods is longer than that of workers.

(B) The author's analysis of the distribution of income is misleading because only a small percentage of workers are also shareholders.

(C) Capital goods are valuable only insofar as they contribute directly to the production of consumer goods.

(D) The productive contribution of capital goods must be discounted because capital goods require maintenance.

(E) The productive contribution of capital goods must be attributed to labor because capital goods are themselves products of labor.

To produce consumer goods, we need capital goods (machines etc) and labour.

Labour theory states that 100% contribution should be attributed to labour only.

(E) explains why the contribution of capital goods should be attributed to labour too (and hence attribute 100% to labour) - because labour creates capital goods too. So it makes sense to attribute everything to labour.

(D) is not very logical. Capital goods require maintenance is not a valid reason for discounting them and attributing their contribution to labour.
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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17 Jun 2019, 11:50
ankitsaroha wrote:
shubham2312 wrote:
guys can someone explain why option A of question 1 is incorrect or share diffrence between "criticizing" and " questioning the validity".
in regard to question 1.
Option A talks about "theories", but the passage is talking about only one theory.

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So I was stuck between the two options and while I understand it is theories vs the one theory discussed in the passage, I was very confused between "criticizing" and "questioning the validity". Isn't the bold statement conclusively (and blatantly) criticizing the theory? There is no tone of doubt which is what I associate with the term questioning validity.
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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22 Jun 2019, 14:34
2
khan0210 wrote:
ankitsaroha wrote:
shubham2312 wrote:
guys can someone explain why option A of question 1 is incorrect or share diffrence between "criticizing" and " questioning the validity".
in regard to question 1.
Option A talks about "theories", but the passage is talking about only one theory.

Sent from my ONEPLUS A3003 using GMAT Club Forum mobile app

So I was stuck between the two options and while I understand it is theories vs the one theory discussed in the passage, I was very confused between "criticizing" and "questioning the validity". Isn't the bold statement conclusively (and blatantly) criticizing the theory? There is no tone of doubt which is what I associate with the term questioning validity.

There is not a huge difference between "criticizing" and "questioning the validity" in the context of these answer choices. A more solid difference between (A) and (C) is that (A) focuses on Locke's theories, while (C) focuses on the "labor theory of value" (LTOV). While the LTOV shares many commonalities with Locke's stated beliefs, the author makes an important distinction between the two: Locke said that 99% of the value of a product can be attributed to labor, while LTOV proponents take it a step further and say that 100% of the value of a product can be attributed to labor.

The author's main criticism is aimed at the LTOV, not at Locke. Locke merely bears "part of the blame" for the failings of the LTOV. So we can't say that the passage is primarily concerned with "criticizing Locke's economic theories" -- instead, the primary purpose of the passage is to "question... the validity of the labor theory of value." (C) is the correct answer for question #1.

I hope that helps!
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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22 Jun 2019, 15:05
1
GMATNinja wrote:
There is not a huge difference between "criticizing" and "questioning the validity" in the context of these answer choices. A more solid difference between (A) and (C) is that (A) focuses on Locke's theories, while (C) focuses on the "labor theory of value" (LTOV). While the LTOV shares many commonalities with Locke's stated beliefs, the author makes an important distinction between the two: Locke said that 99% of the value of a product can be attributed to labor, while LTOV proponents take it a step further and say that 100% of the value of a product can be attributed to labor.

The author's main criticism is aimed at the LTOV, not at Locke. Locke merely bears "part of the blame" for the failings of the LTOV. So we can't say that the passage is primarily concerned with "criticizing Locke's economic theories" -- instead, the primary purpose of the passage is to "question... the validity of the labor theory of value." (C) is the correct answer for question #1.

I hope that helps!

Yes! Thank you! Appreciate that. It's a subtle difference, but after you stated the distinction above, that Locke is to only bear "part of the blame" and the passage is actually criticizing the LTOV, I see clearly now where my understanding of the passage went wrong. For some reason, I misunderstood the passage as criticizing Locke overall and the LTOV as one of the major reasons to criticize Locke (the last part of the last sentence,"a failing for which Locke must bear part of the blame" really threw me off). But it is the other way around, the author is criticizing the LTOV, so Locke, as the theory creator, is receiving criticism for it.

Thank you!!!
Re: Seventeenth-century philosopher John Locke stated that as much as 99   [#permalink] 22 Jun 2019, 15:05

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