Definition of labour theory of value in English:

labour theory of value

Line breaks: la¦bour the¦ory 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.
    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.

Get more from Oxford Dictionaries

Subscribe to remove ads and access premium resources

Word of the day maelstrom
Pronunciation: ˈmālˌsträm
noun
a powerful whirlpool in the sea