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  1. 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.

    Labor theory of value - Wikipedia
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  3. Theory of value (economics) - Wikipedia

    A theory of value is any economic theory that attempts to explain the exchange value or price of goods and services. Key questions in economic theory include why goods and services are priced as they are, how the value of goods and services comes about, and—for normative value theories—how to calculate the correct price of goods and ...

  4. Value Theory - Stanford Encyclopedia of Philosophy

    First published Tue Feb 5, 2008; substantive revision Thu Mar 4, 2021. The term “value theory” is used in at least three different ways in philosophy. In its broadest sense, “value theory” is a catch-all label used to encompass all branches of moral philosophy, social and political philosophy, aesthetics, and sometimes feminist ...

  5. Labor theory of value - Wikipedia

    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 originally appeared in the theories of earlier classical economists such as Adam ...

  6. Chapter 7: Theories of Value - University of Minnesota Duluth

    value. At the center of most economic paradigms is a Theory of Value. The classical political economists found value to be determined in production; since most of the cost of production could be reduced to labor, this approach was refined into the Labor Theory of Value. Neoclassical economists

  7. Adam Smith's theory of value (Chapter 2) - The Evolution of ...

    Whatever the philosophical or methodological approach economists have taken to their discipline, whatever view they have taken of its scope, objectives and analytical techniques, the theory of value – with its associated theory of distribution – has been a key feature of the disciplinary matrix or paradigm to which they have chosen to conform.

  8. Who Is David Ricardo and What Is He Famous For? - Investopedia

    Updated September 01, 2023 Reviewed by Eric Estevez David Ricardo (1772–1823) was a classical economist best known for his theory on wages and profit, the labor theory of value, the...

  9. Subjective theory of value - Wikipedia

    The subjective theory of value is an economic theory for explaining how the value of goods and services are not only set but also how they can fluctuate over time. Its development helped to better understand human action and decision making in economics.

  10. Introduction to Value Theory | The Oxford Handbook of Value ...

    Abstract. This introduction characterizes and positions value theory, or axiology, as a philosophical discipline. It identifies its central issues and explains how value theory overlaps partly with other areas of moral philosophy, such as metaethics and normative etics, and how it relates other areas of philosophy.

  11. Marx’s Argument for the Labor Theory of Value - Gregory Slack ...

    The labor theory of value—what, in Marx’s hands, some have called the “value theory of labor” (cf. Harvey 2018 and Elson 1979)—is apt for analyzing such a society because only in such a society does labor (or its products) appear as and is ruled by value in this way.

  12. Labour theory of value | economics | Britannica

    …economic value, according to Marx’s labour theory of value, which holds that the worth of a commodity is determined by the amount of labour required to produce it. Under capitalism, Marx claimed, workers are not paid fully or fairly for their labour because the capitalists siphon off surplus value, which… Read More In Marxism: Analysis of society