With continuing resistance by economics departments to pluralising their curricula, heterodox economists have suggested an alliance with other social sciences. This article suggests the labour theory value (LTV) as an appropriate concept for embedding heterodox ideas into sociology and social policy teaching. While often seen as a relic of nineteenth century political economy, teaching LTV is beneficial as (1) it is one of few economic theories addressing causes of economic inequality and (2) the contrast with neoclassical subjective value theory (STV) facilitates discussion about relationships between different ideas of ‘value’ and conflicting political ideas about social justice. We present a series of exercises designed to introduce students to differences between STV and LTV. After running and modifying exercises over three years, we find the intervention broadly successful in encouraging students to engage with economic ideas and draw connections between personal experience, society, economics and politics.
The value in ‘value’: An exercise for embedding heterodox economics into sociology and social policy education