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Labor Theory of Value


Rössel, Jörg (2017). Labor Theory of Value. In: Turner, Brian S. Wiley-Blackwell Encyclopedia of Social Theory. London: Wiley Blackwell, 1-3.

Abstract

The labor theory of value is a theory of values and prices of products and services, which was developed by classical political economy, especially its main proponents Adam Smith, David Ricardo, and Karl Marx. Its basic assumption is that the value of goods and services is based on the amount of labor embodied in them. Some proponents of the labor theory of value assume that prices and profits have a systematic relationship to the underlying values of goods and services. The main problems of the theory are threefold: first, there is no accepted solution on how to transform values into market prices; second, it is not clear how to reduce all different forms of labor to one abstract value creating labor; and third, it is not necessary to know values to explain prices and profits, thus values are redundant.

Abstract

The labor theory of value is a theory of values and prices of products and services, which was developed by classical political economy, especially its main proponents Adam Smith, David Ricardo, and Karl Marx. Its basic assumption is that the value of goods and services is based on the amount of labor embodied in them. Some proponents of the labor theory of value assume that prices and profits have a systematic relationship to the underlying values of goods and services. The main problems of the theory are threefold: first, there is no accepted solution on how to transform values into market prices; second, it is not clear how to reduce all different forms of labor to one abstract value creating labor; and third, it is not necessary to know values to explain prices and profits, thus values are redundant.

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Additional indexing

Item Type:Book Section, refereed, original work
Communities & Collections:06 Faculty of Arts > Institute of Sociology
Dewey Decimal Classification:300 Social sciences, sociology & anthropology
Language:English
Date:2017
Deposited On:01 Mar 2018 14:04
Last Modified:30 Apr 2018 06:41
Publisher:Wiley Blackwell
ISBN:978-1-118-43087-3
OA Status:Closed
Related URLs:http://www.recherche-portal.ch/ZAD:default_scope:ebi01_prod011133002 (Library Catalogue)

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