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labour theory of value |
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labour theory of valueIn classical economics, the theory that the price (value) of a product directly reflects the amount of labour it involves. According to the theory, if the price of a product falls, either the share of labour in that product has declined or that expended in the production of other goods has risen. Karl Marx adopted and developed the theory but it was not supported by all classical economists. The British economist Thomas Malthus was a dissenter. |
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When the subject has come up in class, I'm the one who introduces all the relevant concepts: labor theory of value, class struggle, proletariat, etc. Taken to an extreme, the labor theory of value would predict that countries in which people work longer and harder should have higher standards of living. In a book devoted to countering Marxism, it is surprising to find a concept of money that comes perilously close to the labor theory of value. |
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Labor theory of value
