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

  • Criticisms of the labour theory of value — often arise from an economic criticism of Marxism. Contents 1 Microeconomic theory 2 Supply and demand 3 Jevons 4 Menger s critique …   Wikipedia

  • Labor theory of value — The labor theories of value (LTV) are theories in economics according to which the values of commodities are related to the labor needed to produce them.There are many different accounts of labor value, with the common element that the value of… …   Wikipedia

  • Subjective theory of value — The subjective theory of value (or theory of subjective value ) is an economic theory of value that holds that to possess value an object must be both useful and scarce, [Moser, John. The Origins of the Austrian School of Economics, Humane… …   Wikipedia

  • Value theory — encompasses a range of approaches to understanding how, why and to what degree people should value things; whether the thing is a person, idea, object, or anything else. This investigation began in ancient philosophy, where it is called axiology… …   Wikipedia

  • labour economics — Study of how workers are allocated among jobs, how their rates of pay are determined, and how their efficiency is affected by various factors. The labour force of a country includes all those who work for gain in any capacity as well as those who …   Universalium

  • 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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