Entry from British & World English dictionary
Definition of labour theory of value in English:
The Marxist theory that the value of a commodity should be determined by the amount of human labour used in its production.
- For this reason, many pro-capitalist economists say that the labour theory of value is nonsense.
- Capitalists have been vehemently opposed to the labour theory of value for good reason.
- Marx inherited the labour theory of value from the classical school.
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