Definition of labour theory of value in English:

labour theory of value

Line breaks: la¦bour the¦ory of value


[mass noun]
The Marxist theory that the value of a commodity should be determined by the amount of human labour used in its production.
More 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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rich in, covered with, or producing oil; oily