2020年8月8日 · How Does the Labor Theory of Value Work? Economist Adam Smith, the founder of the idea of modern capitalism, first conceived of the labor theory of value in the second half of the 18th century -- the time of the industrial revolution. By the mid-1800s, political economist Karl Marx, the founder of communism, suggested that the marked-up price ...

2024年1月10日 · The labor theory of value (LTV) is a 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. That wiki page describes many of the problems with that thought, and there is also a good post on reddit here.

2022年2月9日 · Without that extra labor dedicated to mining these harder to obtain materials, we wouldn’t have iPhones. Because it takes more labor to produce, iPhones are more expensive than chairs. One of the points of the labor theory of value is that, without labor, nothing is produced. Products don’t simply materialize.

2011年11月17日 · The concept of marginal utility played a crucial role in the marginal revolution of the late 19th century, and led to the replacement of the labor theory of value by neoclassical value theory in which the relative prices of goods and services are simultaneously determined by marginal rates of substitution in consumption and marginal rates of ...

2022年10月13日 · The value of labor is not in the amount of hours put into it, it’s in the use value. If I spend 10 hours building a house that labor has use value, someone can go live in the house. If I spend 10 hours making mud pies they have no use value. The labor theory of value is not that all labor has value, it’s that all value comes from labor.

2021年5月1日 · Even the pro-free market economists such as Adam Smith and David Ricardo were dubbed "off-limits" because they accepted the labor theory of value (Ross, 1991). Had they looked used empiricism, they would have found that ancient China had markets and all the inevitabilities of greed that come with them.

2012年7月10日 · In my view, the "labor theory of value" is not really a theory at all, in the usual sense of being a causal explanation of some observation. As a potential theory of causation, LTV fails the smell test. Increasing the labor applied to an object need not, all else equal, raise its price, a point which LTV advocates will generally admit.

2021年9月13日 · Any labor, top line optimal decrees the true market value. As much as there is topline value, other values suffer true value because country 1,x,y,z can use advantage and make optimal labor costs unrealistic when they have exploitative advantage of another resource such as hands vs shovels.

2021年3月12日 · The labor theory of value (LTV) is a 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. The LTV is usually associated with Marxian economics, although it also appears in the theories of earlier classical economics such as Adam Smith and ...

2022年2月15日 · My question is that it seems that labor theory of value makes more sense when labor is tied to 'realer' wealth i.e. producing energy, food, tangible tools, non fungible and essential services like healthcare or garbage disposal etc. as opposed to shifting wealth around in a complex consumer economy.