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Labor theory of value

The labor theory of value (LTV) is a heterodox economic theory of value that argues that the economic value of a good or service is determined by the total amount of socially necessary labor required to produce it, rather than by the use or pleasure its owner gets from it. At present this concept is usually associated with Marxian economics, although it is also used in the theories of earlier liberal economists such as Adam Smith and David Ricardo and later also in anarchist economics.

Usage examples of "labor theory of value".

Bozey proceeded to set forth the Marxist analysis of war, beginning with the labor theory of value.

But the poor abused boatmen simply have no comprehension of the labor theory of value, and it is quite impossible to engage even the lowliest worker in an honest socialist dialectic.