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The labor theory of value (LTV) is a theory of value that argues that the exchange value of a good or service is determined by the total amount of "socially necessary labor" required to produce it.
This proposal is often referred to as an application of the labor theory of value, though that usage is not in conformity with Marx's. The Marxian labor theory of value (LTV) is intended to explain the determination of prices under commodity production (this is occasionally denied, but see Steele 1986).
The labour theory of value in economics aims to explain how that determination actually work, what kinds of causal relationships are involved, how the law of value interacts with other economic laws, etc.
Adam Smith agreed with certain aspects of labor theory of value, but believed it did not fully explain price and profit. Instead, he proposed a cost-of-production theory of value (to later develop into exchange value theory) that explained value was determined by several different factors, including wages and rents. This theory of value ...
The labor theory of property, also called the labor theory of appropriation, labor theory of ownership, labor theory of entitlement, and principle of first appropriation, is a theory of natural law that holds that property originally comes about by the exertion of labor upon natural resources.
Mirowski (1989) for example accuses Marx of vacillating between a field theory (labour-time currently socially necessary) and a substance theory of value (embodied labour-time). This kind of criticism is due to a confusion of the process of labour in general (adding use to a product, which under capitalism equates adding value to a commodity ...
The theory of marginal utility, which is based on the subjective theory of value, says that the price at which an object trades in the market is determined neither by how much labor was exerted in its production nor on how useful it is on the whole.
The value-creating ability of labour is most clearly visible when all labour is stopped, for example during a strike or a disaster. If all labour is withdrawn, the value of the capital assets worked with will normally deteriorate, and in the end, if all labour is permanently withdrawn, nothing remains but a ghost town.