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Topic: Labor theory of value


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In the News (Sun 24 Jun 18)

  
  ISIL -- Labor Theory of Value
Karl Marx's labor theory of value asserts that the value of an object is solely a result of the labor expended to produce it.
The labor theory of value is the fundamental premise of Marx's economics and the basis of his analysis of the free market.
According to the labor theory of value, all profits are the rightful earnings of the workers, and when they are kept from the workers by capitalists, workers are simply being robbed.
www.isil.org /resources/lit/labor-theory-val.html   (1751 words)

  
  Labor theory of value - Information from Reference.com
Labor which is highly skilled on the other hand owes part of its produce to an "investment" made in training and is almost like capital (hence the modern concept of human capital).
The labor theory as an explanation for value contrasts with the subjective theory of value, which says that value of a good is not determined by how much labor was put into it but by its usefulness in satisfying a want and its scarcity.
Ricardo's labor theory of value is not a normative theory, as are some later forms of the labor theory, such as claims that it is immoral for an individual to be paid less for his labor than the total revenue that comes from the sales of all the goods he produces.
www.reference.com /search?q=Labor+theory+of+value   (6143 words)

  
  Labor theory of value Encyclopedia   (Site not responding. Last check: )
The labor theory of value prevailed among classical economists through to the mid-19th century with its most developed form appearing in Marxian economics; but among modern mainstream economists it is considered superseded by the theory of marginal utility.
Classical economist David Ricardo's labor theory of value holds that the value of a good (how much of another good or service it exchanges for in the market) is proportional to how much labor was required to produce it, including the labor required to produce the raw materials and machinery used in the process.
Ricardo's labor theory of value is not a normative theory, as are some later forms of the labor theory, such as claims that it is immoral for an individual to be paid less for his labor than the price at which a good sells.
www.hallencyclopedia.com /topic/Labor_theory_of_value.html   (5546 words)

  
 Labor theory of value - Wikipedia, the free encyclopedia
The labor theory of value prevailed among classical economists through the mid-19th century with its most developed form appearing in Marxian economics; but among modern mainstream economists it is considered superseded by the theory of marginal utility.
Opponents of Marxist economics argue that the Labor Theory of Value is trivially disproven.
In identifying labor as the common substance of commodities the (the source of value) the LTV identifies a substance that is not itself a commodity.
en.wikipedia.org /wiki/Labor_theory_of_value   (5681 words)

  
 The Labor Theory of Value / LaborTheoryofValue.com
Or the value of one commodity is to the value of another commodity as the quantity of labour fixed in the one is to the quantity of labour fixed in the other.
A true theory of value, if it is to have respectability, must be one which accounts for ALL values in the marketplace, ALL the commodities which are bought and sold, not just the successful ones which bring in hefty profits or which are produced again and again in factories over an extended period.
And meanwhile, the "labor value" or labor input, in and of itself is irrelevant.
geocities.com /freetradeforever/labortheoryofvalue.htm   (6011 words)

  
 Search Results for "Labor theory of value"
It developed in opposition to David Ricardo's earlier labor theory of value, which holds that the value of a good derives from...
Of central importance are the labor theory of value and the idea of surplus value.
His analysis of rent long remained the classic account, while his theory of labor value was later adopted by socialists as well as...
www.bartleby.com /cgi-bin/texis/webinator/sitesearch?FILTER=&query=Labor+theory+of+value   (271 words)

  
 Chapter Two--A Subjective Recasting of the Labor Theory of Value
From the point of view of a mutualist theory of land ownership, by which property rights are established only by occupancy and use, an absentee landlord's claim to compensation for the "sacrifice" of allowing a tenant to use his land is as spurious as a mugger's for the "sacrifice" of not shooting his victim.
Theories of the "productivity" of land and capital, like those of abstinence, are entirely relative, and based on the social convention of imputing their productive qualities to an owner who controls access to them.
Thus values may be measured by labour time, in spite of the inequality of value of different working days; but to apply such a measure we must have a comparative scale of the different working days: it is competition that sets up this scale.
www.mutualist.org /id56.html   (11484 words)

  
 Highbeam Encyclopedia - Search Results for Labor theory of value
The marginal theory of value, pioneered in the late 19th cent.
The labor theory of value and the strategic role of alienation.
The labor theory of value was one of the foundations of the...
www.encyclopedia.com /SearchResults.aspx?Q=Labor+theory+of+value   (1436 words)

  
 The Labor Theory of Value - A FAQ
The labor value of the commodity can be defined as either the minimum amount of labor needed to produce it or the labor inputs into a system with just that commodity as net output and the machine being used for the same length of time that it is actually used in the economy.
The labor value of a commodity is not the exchange value of the labor that is used to produce that commodity.
Labor values of individual commodities are found as the sum of the labor value of constant capital, the labor value of variable capital, and surplus value.
www.dreamscape.com /rvien/Economics/Essays/LTV-FAQ.html   (15584 words)

  
 Bambooweb: Labor theory of value
The labor theory of value (LTV) is a theory in economics and
In this view, the LTV, as used in Capital, is a method for understanding the nature of social relationships for capitalism as a whole: the examples of workers producing value that Marx presents in volume I are microcosms representing the totality of society instead of being microeconomic analyses.
Values correspond to the abstract labor-time socially necessary to produce commodities (the contributions by workers to commodity-producing society), while prices are set by supply, demand, and market institutions.
www.bambooweb.com /articles/l/a/Labor_theory_of_value.html   (4136 words)

  
 English 495: Marxist Theory
The English economist David Ricardo had already articulated the "labor theory of value," asserting that all value is produced by human labor.
This surplus value is appropriated, silently and systematically, by the employer.
Instead, "profit" or "surplus value," is systematically "created" through the difference between labor (which functions as a commodity as well as the only activity that can transform other commodities into exchangeable forms) and the labor power that he buys from the worker.
www.english.ilstu.edu /strickland/495/labor.html   (1073 words)

  
 The Concise Guide To Economics, by Jim Cox
The labor theory of value is the bedrock basis of Marxist or socialist economic theory.
The labor theory of value is a denial of the well-established law of diminishing marginal utility which states that the value to the consumer falls with additional consumption of the good in question.
In short, the whole of socialist economic theory is derived from the mistaken labor theory of value--it collapses for lack of a base; the whole of free market economic theory is derived from the solid base of the valid subjective theory of value.
www.conciseguidetoeconomics.com /book/LTV   (828 words)

  
 To Raise Your Prices, Change Your Theory   (Site not responding. Last check: )
For if the labor theory of value were correct, then a diamond found in a mine would be of no greater value than a rock found right next to it, since each took and equal amount of billable hours to locate.
The labor theory of value does not take into account the well-established law of diminishing marginal utility, which states that the value to the customer declines with additional consumption of the good in question.
If the labor theory of value were true, everyone should be equally willing to pay the cast of "Frasier" in order to obtain a script, since each took approximately the same amount of billable hours to produce.
accounting.smartpros.com /x8801.xml   (1501 words)

  
 Marxism, by David L. Prychitko: The Concise Encyclopedia of Economics: Library of Economics and Liberty
The labor theory of value is a major pillar of traditional Marxian economics, which is evident in Marx's masterpiece, Capital (1867).
Adam Smith, for instance, flirted with a labor theory of value in his classic defense of capitalism, The Wealth of Nations (1776), while David Ricardo later systematized it in his Principles of Political Economy (1817), a text studied by generations of free-market economists.
Marx, using principles of classical economics, explained that the value of labor power must depend upon the number of labor hours it takes society, on average, to feed, clothe, and shelter a worker so that he or she has the capacity to work.
www.econlib.org /library/Enc/Marxism.html   (1901 words)

  
 Labor Theory of Value
They stated that the value of a commodity was determined by the quantity of labor needed to produce it, the effort of the labor, or the amount of labor of others obtained in exchange.
Labor theory of value was superseded by the marginal productivity theory of distribution at the end of the 19th century, which emphasized that many factors determined the value of a good.
R Meek, Studies in the Labor Theory of Value (London, 1973)
www.economyprofessor.com /economictheories/labor-theory-of-value.php   (180 words)

  
 Mattick: Marx & keyns, MARX’S LABOR THEORY OF VALUE
The labor theory of value became an embarrassment for the capitalist class as soon as the newly-arising frictions between bourgeoisie and proletariat replaced and overshadowed those between the feudal and the capitalist regime.
Labor as such, labor in general, this simple abstraction, which is the starting point and the high point of bourgeois economy, appears as a practical truth only as a category of modern society, even though it also expresses an ancient and for all social formations valid relationship.”
Obviously, the “equal” exchange between capital and labor in terms of value is based on the fact that part of the social labor is not exchanged at all, but is simply appropriated by the buyers of labor-power.
www.kavoshgar.org /book/MK/MMK_3.htm   (3978 words)

  
 PolySciFi Blog
I've never been a big fan of Marx's labor theory of value - the value of a good or service is the the amount of labor that goes into making it.
While the theory is flawed as it consciously ignores capital contributions, it also ignores other important factors such as the knowledge and talent required to manufacture a product (or service).
This allows coyote to demonstrate that the value of the mind is not being included in Marx's labor theory of value.
polyscifi.blogspot.com /2004/12/labor-theory-of-value.html   (307 words)

  
 Brad DeLong's Semi-Daily Journal: The Labor Theory of Value Is a Menace!
The Labor Theory of Value Is a Menace!
The LTV is everybit as logical and consistent as marginalism is (or is not).
If prices actually differ from values, we must, first of all, reduce the former to the latter, in other words, treat the difference as accidental in order that the phenomena may be observed in their purity, and our observations not interfered with by disturbing circumstances that have nothing to do with the process in question.
delong.typepad.com /sdj/2005/04/the_labor_theor.html   (5566 words)

  
 The Angry Economist   (Site not responding. Last check: )
Marx's explanation was that the value of something came from the labor that went into it.
value is relative, everyone assigns their own value to something.
Its value to you has nothing to do with its cost to you, or to the amount of labor that went into it.
angry-economist.russnelson.com /labor-theory-of-value.html   (493 words)

  
 An introduction to Marx's Labour Theory of Value
Use-value is a precondition for the determination of value.
Marx's value theory is often presented as a simple costs of production theory, where we add up labour value-added in the various stages of production to come up with a final value.
Actually Adam Smith's value theory was one where he tried to assess the 'contribution' of each 'factor of production' to the value of the final product.
www.marxist.com /Economy/theory_of_value_1.html   (5534 words)

  
 The Law of Value
Brad deLong of U.C.-Berkeley economics writes that: >The LTV [“labor theory of value”] is not true: average market prices are not labor values, and the deviations of the average prices of particular commodities from their labor values are not simple redistributions of “surplus value” from boss to boss….
In fact, it's unclear what to call “it.” The “labor theory of value” is too easy to telescope into David Ricardo's “labor theory of price,” in which amounts of labor that were needed to produce a commodity determines its price (98 percent of the time).
The value, on the other hand, represents how that commodity is “valued” by capitalist society as a whole.
myweb.lmu.edu /jdevine/notes/shortLaw-of-Value.html   (1812 words)

  
 ARGUMENTS AGAINST THE LABOR THEORY OF VALUE
I shall then argue that the utility theory, which views economic value as identical to the benefits gained by individuals from goods and services, is a superior explanation of economic value.
Immunity to Refutation 1: A naturally found good requiring little labor to produce it can still confer benefits on the individuals who find it and use it; those benefits are the root of the economic value of such goods and justify their sometimes substantial market prices.
According to the utility theory, these goods have value exactly in proportion to the benefits they confer – irrespective to how much labor was exerted in their creation.
www.quebecoislibre.org /06/061022-2.htm   (1324 words)

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