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.
What do you find interesting about this word or phrase?
Comments that don't adhere to our Community Guidelines may be moderated or removed.