Definition of labour theory of value in English:

Share this entry

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.

For editors and proofreaders

Line breaks: la¦bour the¦ory of value

Share this entry
 

What do you find interesting about this word or phrase?

Comments that don't adhere to our Community Guidelines may be moderated or removed.