labour theory of value

labour theory of value
In economics, the view that the value of a commodity reflects the amount of labour involved in its production. Although espoused as an approximation by Pufendorf, Hutcheson, Adam Smith, and David Ricardo (1772–1823), it is now mainly held by Marxist economists, since it denies any real productive role to capital.

Philosophy dictionary. . 2011.

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  • labour theory of value — The idea that labour is the ultimate source of all wealth a commonplace among the early political economists . Adam Smith , for example, argued that, in a market society in which workers owned their own means of production, the prices of goods… …   Dictionary of sociology

  • labour theory of value — noun the Marxist theory that the value of a commodity should be determined by the amount of human labour used in its production …   English new terms dictionary

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  • Value product — The value product (VP) is an economic concept formulated by Karl Marx in his critique of political economy during the 1860s, and used in Marxian social accounting theory for capitalist economies. Its annual monetary value is approximately equal… …   Wikipedia

  • Value (economics) — Economics …   Wikipedia

  • value — A word with several quite different meanings: in statistical analysis of quantitative data sets, the value is the score or figure observed on a particular variable for a particular case, or in specific circumstances, that is, it is a quantified… …   Dictionary of sociology

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