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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 economists, some of whom argued that price was solely determined by supply and demand. The British economist Thomas Malthus was a dissenter. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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However, the labor theory of value was used by Karl Marx and other communist and socialist economists to justify central planning since, if value was a strict consequence of labor invested, then "correct" valuations could be determined by enlightened central planners. In fact, he continued to apply a pure labor theory of value in the subsequent chapters of his book, including chapter 7 on foreign trade. It rests on the labor theory of value which claims that value is intrinsic in a product according to the amount of labor that has been spent on |
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