Law of Value
According to Marx, the operation of the law of value and the formation of prices of production was modified in capitalist agriculture, because prices for farm output were co-determined by land yields and land ownership-rents quite independently of labor-productivity. For example, a poor harvest in a major agricultural region due to adverse weather conditions, or the monopolization of the supply of farmland, could have a big effect on world market prices for farm products. Marx extends his theory of agricultural rents to building rents and mine rents, and considers the effect of rent income on land prices.
Read more about this topic: Differential And Absolute Ground Rent
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