Labor Theory Of Value
The labor theories of value (LTV) are heterodox economic theories of value which argue that the value of a commodity is related to the labor needed to produce or obtain that commodity. Presently the concept is most often associated with Marxian economics, although it appears as a foundation to earlier classical economic theorists such as Adam Smith and David Ricardo. However, Karl Marx never used the phrase "labor theory of value" to describe his theory of value, but instead made reference to a law of value, which is not to be confused with the classical economics concept of labor theory of price.
Read more about Labor Theory Of Value: Definitions of Value and Labor, Conceptual Model, LTV and The Labor Process, The Relation Between Values and Prices, The Theory's Development, Criticisms
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“The habits of our whole species fall into three great classes—useful labour, useless labour, and idleness. Of these the first only is meritorious; and to it all the products of labor rightfully belong; but the two latter, while they exist, are heavy pensioners upon the first, robbing it of a large portion of its just rights. The only remedy for this is to, as far as possible, drive useless labour and idleness out of existence.”
—Abraham Lincoln (1809–1865)
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