Language: English
most artificial market proponents reject the traditional socialist adoption of the labour theory of value as they believe it cannot be used as the basis for allocating scarce resources the reason given is that even if the labour theory of value can give a partial indication of availability of resources it certainly cannot be used as a means to express consumers’ preferences thus they feel that the labour theory of value cannot serve as the basis for an allocative system that aims at both meeting needs and at the same time securing consumer sovereignty and freedom of choice instead the model proposed here is in fact a system of rationing which is based on the revealed consumers’ preferences on the one hand and resource availability on the other