The "labor theory of value", at its most basic level, is the idea that relative prices are equal to relative labor times. But Marx did not think this is how capitalism worked.

Aug 8, 2020 · The labor theory of value says that the value of a finished good correlates solely with the number of labor hours required to produce it.

Oct 13, 2022 · In my current opinion, this explains the vast majority of the profit gained from production. Taking on risk while also creating value seems to be fundamentally different from …

Jan 10, 2024 · The value of everything is amount it takes to reproduce it. A tool is as valuable as the labor and material it takes to make a new one. A person has the replacement value as …

Feb 9, 2022 · I understand that a large reason why socialists view wage labor as inherently exploitative is because of the the labor theory of value. While I believe in fair wages as …

Jun 10, 2023 · The labor time is the same, but the exchange value is surely different, and therefore the surplus value is surely different. So it appears to me that branding can increase …

It basically comes down to what you mean by the labor theory of value. The traditional labor theory of value, generalizing from the different particular formulations, is a quantitative theory …

Mar 12, 2021 · 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" …

Feb 16, 2022 · The labor theory of value (LTV) is, as the name suggests, a theory of value. When we talk about value here, we are not talking (directly) about price, nor about subjective …

If the labor theory of value is taken seriously, then we start realizing that people like Jeff Bezos and Elon Musk get unfathomable sums of money for what amounts to less work than most …