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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