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Joan Robinson, who herself was considered an expert on the writings of Karl Marx, [73] wrote that the labor theory of value was largely a tautology and "a typical example of the way metaphysical ideas operate". [74] In ecological economics, the labor theory of value has been criticized, where it is argued that labor is in fact energy over time ...
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 values of the products of compound labour are expressed by this comparison in definite quantities of simple labour; but this reduction of compound labour is established by a social process which goes on behind the backs of the producers, by a process which at this point, in the development of the theory of value, can only be stated but not ...
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.
Thus, value is a purely social characteristic of commodities. The substance of the value of a commodity is a determinate quantity of social labour. That is, the existence of exchange value presupposes social relations between people organised into a society. "Socially necessary labour time" encapsulates this essential "relatedness" of value ...
A measuring unit of value can exist only as a theoretical entity (or as an ideal price comparable to an empirical price) which is also exactly how Marx used it in his simplified illustrations of value relationships. He simply uses a number for the value-quantity and another number for the price-quantity, to indicate a proportion.
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.
Cost the limit of price" was a maxim coined by Josiah Warren, indicating a (prescriptive) version of the labor theory of value. Warren maintained that the just compensation for labor (or for its product) could only be an equivalent amount of labor (or a product embodying an equivalent amount). [1]