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
Famous quotes containing the words labor and/or theory:
“No man can call himself liberal, or radical, or even a conservative advocate of fair play, if his work depends in any way on the unpaid or underpaid labor of women at home, or in the office.”
—Gloria Steinem (b. 1934)
“Many people have an oversimplified picture of bonding that could be called the “epoxy” theory of relationships...if you don’t get properly “glued” to your babies at exactly the right time, which only occurs very soon after birth, then you will have missed your chance.”
—Pamela Patrick Novotny (20th century)