Labor Theory Of Value
Opponents of the labor theory of value purport that it is not labor that determines the price of a good or service; rather, it is simply a function of supply and demand for a given good or service that determines its price. According to the theory, if the cost of purchasing something is greater than the amount that the purchaser values the time it would take to produce the good, then he will make it himself rather than buy it.
Investment dictionary. Academic. 2012.
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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
Labor theory of value — This theory, elaborated by classical economists, most notably David Ricardo in 1817, who had preceded Karl Marx, is the starting point for Marx’s own theory of surplus value or exploitation. According to the labor theory of value the value of… … Historical dictionary of Marxism
labor theory of value — a theory of value holding that the quantity of labor in a product regulates its value and utilized by Marx to claim for labor the sole rightful claim to production … Useful english dictionary
Theory of value (economics) — Theory of value is a generic term which encompasses all the theories within economics that attempt to explain the exchange value or price of goods and services. Key question in economic theory include why goods and services are priced as they are … Wikipedia
Labor theory of property — The labor theory of property is a natural law theory that holds that property originally comes about by the exertion of labor upon natural resources. (This is not to be confused with a labor theory of value).In his Second Treatise on Government … 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
Intrinsic theory of value — This article is about the philosophy of economic value. For valuation of financial assets, see Intrinsic value (finance). An intrinsic theory of value (also called theory of objective value) is any theory of value in economics which holds that… … Wikipedia
Cost-of-production theory of value — In economics, the cost of production theory of value is the theory that the price of an object or condition is determined by the sum of the cost of the resources that went into making it. The cost can compose any of the factors of production… … Wikipedia
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
Value (economics) — Economics … Wikipedia