Definition of labour theory of value in English:

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labour theory of value

noun

[mass noun]
The Marxist theory that the value of a commodity should be determined by the amount of human labour used in its production.
Example sentences
  • 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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