I agree with you, which is why I think that "People reject the labour theory of value, probably correctly in fundamental terms".
Your claim that economic theory "does not promote or justify anything" is clearly wrong, because theories are co-opted as policy, and then have enormous impacts on people's lives. Would you claim that the economic theory contained within communism did not promote or justify particular courses of action in the Soviet Union?
My point was that the marginal and subjective theories of value, taken narrowly, promote structural inequality, by claiming that when a price is accepted it is fair. I don't think that real economists are so dogmatic, but people who cling on to that idea doctrinally, forgetting the caveats that must be applied (i.e. lack of any kind of coercion, perfect information, etc.) can end up saying that equality of value is all that is necessary for fairness.
Your claim that economic theory "does not promote or justify anything" is clearly wrong, because theories are co-opted as policy, and then have enormous impacts on people's lives. Would you claim that the economic theory contained within communism did not promote or justify particular courses of action in the Soviet Union?
My point was that the marginal and subjective theories of value, taken narrowly, promote structural inequality, by claiming that when a price is accepted it is fair. I don't think that real economists are so dogmatic, but people who cling on to that idea doctrinally, forgetting the caveats that must be applied (i.e. lack of any kind of coercion, perfect information, etc.) can end up saying that equality of value is all that is necessary for fairness.