The Scientific Status of the Labour Theory of Value

Scientific theories tell us something about the material world. They are means by which we can both explain and predict aspects of reality. They are not the only form of explanation: myth, story telling and religion also explain things, but with more limited predictive power. A theory which makes no predictions is never scientific, whilst one whose predictions have now been invalidated has forfeited any prior claims to science. A scientific theory makes testable predictions. Note that by “prediction” we don’t just mean forecasting the future, though this can be part of it. An historical science can formulate temporal “postdictions” as logical predictions. Scientific predictions make statements about the world that are not available as prior data. For instance, the australopithecine long predated Darwin, but its existence—as the “missing link”—was only subsequently deduced on the basis of the theory of evolution.