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ISIL -- Laborb> Theoryb> of Value

But proponents of the laborb> theoryb> would have it both ways: workers are to receive the full future value of their product now.
Karl Marx's laborb> theoryb> of value asserts that the value of an object is solely a result of the laborb> expended to produce it.
The laborb> theoryb> of value is clearly an intrinsic-value theoryb>.

http://www.isil.org/resources/lit/labor-theory-val.html (1749 words)



Chapter 3. The Theoryb> of Value

But their values are governed, as was shown, by the magnitude of importance of the satisfactions that would have to remain unsatisfied if we were unable to command the laborb> services.
There are other laborb> services that have goods-character but not economic character, and hence no value (...the laborb> services connected with some unpaid office, for example)...Laborb> services are therefore not always goods or economic goods simply because they are laborb> services; they do not have value as a matter of necessity.
The measure of value is entirely subjective in nature, and for this reason a good can have great value to one economizing individual, little value to another, and no value at all to a third, depending upon the differences in their requirements and available amounts.

http://mason.gmu.edu/~tlidderd/menger/menger_ch3.html (6403 words)



Economic Manuscripts: Capital Vol. I - Chapter One

The general value form is the reduction of all kinds of actual labour to their common character of being human labour generally, of being the expenditure of human labour power.
The value of one commodity is to the value of any other, as the labour time necessary for the production of the one is to that necessary for the production of the other.
Therefore, in the value relation of commodity A to commodity B, of the linen to the coat, not only is the latter, as value in general, made the equal in quality of the linen, but a definite quantity of coat (1 coat) is made the equivalent of a definite quantity (20 yards) of linen.

http://www.marxists.org/archive/marx/works/1867-c1/ch01.htm (18901 words)



Marxism, by David L. Prychitko: The Concise Encyclopedia of Economics: Library of Economics and Liberty

Its basic claim is simple: the value of a commodity can be objectively measured by the average amount of laborb> hours that are required to produce that commodity.
The entire capitalist system—with its private property, money, market exchange, profit-and-loss accounting, laborb> markets, and so on—must be abolished, thought Marx, and replaced with a fully planned, self-managed economic system that brings a complete and utter end to exploitation and alienation.
The laborb> theoryb> of value is a major pillar of traditional Marxian economics, which is evident in Marx's masterpiece, Capital (1867).

http://www.econlib.org/library/Enc/Marxism.html (1901 words)



An introduction to Marx's Labour Theoryb> of Value

Marx's value theoryb> is often presented as a simple costs of production theoryb>, where we add up labour value-added in the various stages of production to come up with a final value.
And the value of commodities is determined by the labour time socially necessary for their production.
Actually Adam Smith's value theoryb> was one where he tried to assess the 'contribution' of each 'factor of production' to the value of the final product.

http://www.marxist.com/Economy/theory_of_value_1.html (5534 words)



Cost-of-production theoryb> of value - Wikipedia, the free encyclopedia

The laborb> theoryb> of value, which interprets laborb>-value as the determinant of prices, was first developed by Adam Smith and later expanded by David Ricardo and Karl Marx.
The most common counterpoint to this is the marginal theoryb> of value which asserts that economic value is set by the consumer's marginal utility.
The cost can be composed of any of the factors of production including labour, capital, land, or technology.

http://en.wikipedia.org/wiki/Cost-of-production_theory_of_value (275 words)



A. Statement of the Classical Laborb> Theoryb> of Value

In the same passage, though, he spoke of the value of a commodity in one's possession as consisting of "the quantity of the labour which he can command...." And at other times, he seemed to make the market price of laborb> the source of its effect on exchange value.
Either the laborb> theoryb> of value, or, secondarily, some other form of cost theoryb> of value,
Labour was the first price, the original purchase-money that was paid for all things.

http://www.mutualist.org/id48.html (361 words)



RevolutionaryLeft.com -> Laborb> Theoryb> Of Value

The value of laborb> is always lesser then the value of the manufactured goods that it constructs.
Labour theoryb> of value do take supply and demand in count, but thats just a factor in the later sale process, while the value is decided in the whole production process so to speak.
Marx never argued that Value (measured in laborb>) should be used as a medium for exchange.

http://www.revolutionaryleft.com/index.php?showtopic=28429 (1955 words)



PlanetPapers - Marxism and the Laborb> Theoryb> of Value

But it has long been known that equilibrium prices in a market economy are not proportional to the amount of laborb> embodied in goods; it was therefore necessary to ask whether the Marxist theoryb> of accumulation could be made more precise even though the laborb> theoryb> of value was wrong.
Freemans crucial point is that the falsity of the labour theoryb> of value rests solely upon academic acceptance of equilibrium analysis and positivist methodology as appropriate methods for doing economics.
Whereas comparison of one theoryb> in terms of another theoryb> implies, at best, the falsification of one set of propositions with reference to another set of propositions, criticism of relevance and realism requires substantial and continual reference to the underlying epistemological and ontological view being taken, however it is perceived (1983, p.10).

http://www.planetpapers.com/Assets/4694.php (8335 words)



Scholastic Economics: Thomistic Value Theoryb>

In considering expenses, in addition to laborb>, Saint Thomas incorporates a notion that embraces very subjective factors such as risk and other costs that are borne by the valuing party.
According to Schumpeter in his History of Economic Analysis, value theoryb> analysis by the Scholastic Doctors "lacked nothing but the marginal apparatus." Schumpeter alludes to the marginal utility theoryb>–the economic breakthrough of the nineteenth century that demonstrates that the value of a good diminishes with each unit increment of the good.
The only way for a market valuation of goods to be publicly accessible is by employing some other measure of value.

http://www.acton.org/publicat/randl/article.php?id=239 (2262 words)



Living-wage Follies - Mises Institute

This error, again found in Marx's "laborb> theoryb> of value," was cleared up in the 1870s with Carl Menger's insight that value is always an individual's subjective judgment shaped by context.
If many more buyers and sellers jumped in, their competition would establish a price (say $6 per hour) for this type of laborb> at which the buyers to whom it is worth more, and the sellers to whom it is worth less, are equal in number (say 1,000 person-hours per day).
This is how to treat others with dignity, not by paying more for laborb> than its market price and thereby turning an honestly earned (even if not very high) wage into a mixture of wage and dole.

http://www.mises.org/fullarticle.asp?control=1150 (862 words)



The Laborb> Theoryb> of Music

As I wrote in a different publication, the Laborb> Theoryb> of Value would imply that war, one of the most destructive institutions known on earth, is somehow more valuable than a peace treaty, by virtue of the difference in laborb> required.
The Laborb> Theoryb> of Value would have us believe that if a single consumer good– the album – is worth x, then x must be split up, in terms of laborb>, to all those who put work into it.
If this is true for music and therefore poses a serious complication for the Laborb> Theoryb> of Value, I fail to see how the theoryb> can be unifying, which is what it claims to be.

http://www.strike-the-root.com/51/gregory/gregory2.html (1268 words)



Laborb> Theoryb> of Value

A critique cannot even be made within the context of merely the laborb> theoryb> of value--which was such a crucial tool for Marx's alleged exposure of liberal values as a sham.
The core of Marx's alleged critique--especially Capital I--assumes the validity of the laborb> theoryb> of value and deduces the extraction of surplus value and exploitation accordingly.
Regarding the rest of the post: most every contemporary economist actually thinks that the laborb> theoryb> of value is a joke.

http://www.csudh.edu/dearhabermas/marx07.htm (813 words)



Townhall.com :: Columns :: The laborb> theoryb> of value by Paul Greenberg - Sep 2, 2002

Lincoln, "is prior to, and independent of capital, that, in fact, capital is the fruit of laborb>, and could never have existed if laborb> had not first existed -- that laborb> can exist without capital, but that capital could never have existed without laborb>.
Lincoln cited the farmer as an example of both capital and laborb>.
But the old shoemaker wouldn't have had to be told about the identity of interest between capital and laborb>; he had lived it.

http://www.townhall.com/columnists/paulgreenberg/pg20020902.shtml (865 words)



Encyclopedia: Exploitation theoryb>

It rests on the laborb> theoryb> of value which claims that value is intrinsic in a product according to the amount of laborb> that has been spent on producing the product.
Therefore, "making a profit" essentially means taking away from the workers some of the value that results from their laborb>.
Thus the value of a product is reflected in its finished price which in turn is divided between laborb> (wages) and capital (profit) - the raw materials are further divided between laborb> and capital.

http://www.nationmaster.com/encyclopedia/Exploitation-theory (865 words)



Info and facts on 'Philosophy of business'

The laborb> theoryb> of value (additional info and facts about laborb> theoryb> of value) suggests that when one mixes his laborb> with an object, he thereby makes it his property, and that his laborb> is the principal means of measuring value.
In The Theoryb> of Moral Sentiments (additional info and facts about The Theoryb> of Moral Sentiments), vol II, page 316, he says: By acting according to the dictates of our moral faculties, we necessarily pursue the most effective means for promoting the happiness of mankind.
Advocates of business contract theoryb> (additional info and facts about contract theoryb>) believe that a business is a community of participants organized around a common purpose.

http://www.absoluteastronomy.com/encyclopedia/p/ph/philosophy_of_business.htm (4316 words)



Laborb> theoryb> of value - Wikipedia, the free encyclopedia

His LTV holds that, in aggregate, the price of the product equals the sum of the value of the capital goods (means of production) used up in production and the value added by direct laborb>.
Marx's LTV holds that the laborb> needed to produce a commodity includes both laborb> directly expended on production of the commodity and laborb> expended on the production of means of production used up in its production.
The laborb> theoryb> of value (LTV) is a theoryb> in economics and political economy concerning a market-oriented or commodity-producing society: the theoryb> equates the "value" of an exchangeable good or service (i.e., a commodity) with the amount of laborb> required to produce it.

http://en.wikipedia.org/wiki/Labour_theory_of_value (4136 words)



Socialists Argue About Laborb> Unions

As a conscious and integrated doctrine this explanation was the logical sequel of the laborb> theoryb> of value according to which laborb> is the origin and the source of the value of goods.
If laborb> is actually exploited, laborb> organizations may offer relief from exploitation through collective bargaining and other devices.
The crude exploitation doctrine resting on a misinterpretation of competition led Sidney and Beatrice Webb to hail trade unions and laborb> legislation enforcing a 94common rule" of wage rates and working conditions and preventing "industrial parasitism," as the guardians of decency and prosperity.

http://www.libertyhaven.com/politicsandcurrentevents/unionsandotherorganizations/socialistsargue.html (4136 words)



ISIL -- Laborb> Theoryb> of Value

But proponents of the laborb> theoryb> would have it both ways: workers are to receive the full future value of their product now.
Karl Marx's laborb> theoryb> of value asserts that the value of an object is solely a result of the laborb> expended to produce it.
The laborb> theoryb> of value is the fundamental premise of Marx's economics and the basis of his analysis of the free market.

http://www.isil.org/resources/lit/labor-theory-val.html (4136 words)



Economics

The "laborb> theoryb> of value" argues that a good or service is worth the laborb> that it takes to produce, and the abundance or scarcity of laborb> determines the price of a commodity.
The laborb> theoryb> of value and the closely related cost-of-production theoryb> of value dominates the work of most classical economists, but they are far from the only accepted basis for "value".
Adam Smith defined "laborb>" as the underlying source of value, and "the laborb> theoryb> of value " underlies the work of Karl Marx, David Ricardo and many other "classical" economists.

http://www.sciencedaily.com/encyclopedia/economics_1 (4136 words)



Classical Economics vs. the Exploitation Theoryb>

Along with "the laborb> theoryb> of value" and the "iron law of wages," they discarded such further features of classical political economy as the wages fund doctrine and its corollary that savings and capital are the source of almost all spending in the economic system.
Now, in my view, the fundamental place to challenge the exploitation theoryb> is not over the laborb> theoryb> of value or the iron law of wages, but here, over its conceptual framework—over the doctrines of the primacy of wages and the deduction of profits from wages.
According to this theoryb>, capitalism is a system of virtual slavery, serving the narrow interests of a comparative handful of businessmen and capitalists, who, driven by insatiable greed and power lust, exist as parasites upon the laborb> of the masses.

http://www.mises.org/etexts/exploitation.asp (4136 words)



Mutualism (economic theoryb>) - Wikipedia, the free encyclopedia

The laborb> theoryb> of value holds that the actual price of a thing (or the "true cost") is the amount of laborb> that was undertaken to produce it.
economic theoryb> or system based on the laborb> theoryb> of value which states that equal amounts of laborb> should receive equal pay.
Mutualists believe that most of the economic problems associated with capitalism come back to a violation of the cost principle, or as Josiah Warren interchangeably said, "Cost the limit of price." It was inspired by the laborb> theoryb> of value, popularized, though not invented, by Adam Smith in 1776 --Proudhon mentions Smith as an inspiration.

http://en.wikipedia.org/wiki/Mutualism_(economic_theory) (1960 words)



Exploitation - Wikipedia, the free encyclopedia

The focus of most assertions about the existence of exploitation is the socio-economic phenomenon in which people trade their laborb> or allegiance to a powerful entity, such as the state, a corporation or any other private company, or a trade union.
Pro-market theoryb> also argues that technological change is a disruptive force, and tends to abolish monopoly and monopsonistic power in mature business sectors, as with the shrinkage of the Western Union corporation and its power.
As in Marxist theoryb>, the problem is structural rather than organizational and can coexist with free markets: given their special position in society (controlling an important asset), an interest group can shift the distribution of income in its direction, impoverishing the rest, even though their role serves no reasonable purpose.

http://en.wikipedia.org/wiki/Exploitation (1960 words)



Classical Growth Theoryb>

Marx took on Ricardo's idea that machinery is laborb>-saving and leads to a disproportional adjustment: the rate of release of laborb> does not accompany the rate of re-absorption of that laborb>, so that there tends to be permanent "technological" unemployment which can be used to bring down the wage.
For "modern" growth theoryb>, Marx's achievement was critical: he not only provided, through his famous "reproduction" schema, perhaps the most rigorous formulation to date of a growth model, but he did so in a multi-sectoral context and provided, in the process, such critical ingredients as the concept of a "steady-state" growth equilibrium.
This has two effects for growth: firstly, increasing landowner's rents over time (due to the limited supply of land) cut into the profits of capitalists from above; secondly, wage goods (from agriculture) will be rising in price over time and this then cuts into profits from below as workers require higher wages.

http://cepa.newschool.edu/het/essays/growth/classicalgrowth.htm (1960 words)



laborb> theoryb> of value: Information From Answers.com

The laborb> theoryb> of value (LTV) is a theoryb> in economics and political economy concerning a market-oriented or commodity -producing society: the theoryb> equates the "value" of an exchangeable good or service (i.e., a commodity) with the amount of laborb> required to produce it.
In this theoryb>, the receipt of property income is only possible if the wages of direct producers do not fully compensate them for the value they add to the capital invested to allow the production of the product.
Assume that each p initially equals value so that for any given commodity, total profits are proportional to unpaid laborb>-time (surplus-value, S), total wages are proportional to paid laborb>-time ( W), and the total amount of money invested by the capitalist is proportional to the value of the capital invested ( K).

http://www.wip.answers.com/topic/labor-theory-of-value (1960 words)



Amazon.com: Books: Exploitation Theoryb> of Socialism-Communism: The Idea That All Unearned Income (Rent, Interest and Profit Involves Economic Injustice)

It is extremely unfortunate that the laborb> theoryb> of value and the exploitation theoryb> are still prevalent today, over 110 years after _Value and Interest_ first appeared--this in spite of the "rivers of blood and oceans of tears" spilled in the name of socialism and communism.
The notion of laborb> exploitation by businessmen and corporations continues to determine basic economic policies on all levels of government, from laborb> legislation to Social Security and income taxation.
Exploitation Theoryb> of Socialism-Communism: The Idea That All Unearned Income (Rent, Interest and Profit Involves Economic Injustice)

http://www.amazon.com/exec/obidos/ASIN/091088403X/seveejksa-sea-bkasin-20/ref=nosim (1960 words)



LE REVUE GAUCHE - Libertarian Communist Analysis And Comment : It's the Labour Theoryb> of Value, stupid

If, therefore, we identify the value of commodities with the personal estimate of the value of these commodities made by this or that individual, it seems quite arbitrary to select laborb> as the sole basis for such an estimate.
Laborb> is correlated to value, but it is not value.
Since laborb>, viewed in its social function as the total laborb> of society of which each individual laborb> forms merely an aliquot part, is made the principle of value, economic phenomena are subordinated to objective laws independent of the individual will and controlled by social relationships.

http://plawiuk.blogspot.com/2005/03/its-labour-theory-of-value-stupid_14.html (4041 words)



XXI. WORK AND WAGES: Wages and Subsistence

The laborb> unions pretend that nominal wage rates at least must always be raised in accordance with the changes occurring in the monetary unit's purchasing power in such a way as to secure to the wage earner the unabated enjoyment of the previous standard of living.
The valuations of the consumers who mediately are the buyers of laborb> and those of the wage earners, the sellers of laborb>, are of no avail.
Present-day laborb>-union doctrine operates with a concept of productivity of laborb> that is designedly constructed to provide an alleged ethical justification for syndicalistic ventures.

http://www.mises.org/humanaction/chap21sec6.asp (4041 words)



A.1. WHAT ARE THE HISTORICAL ORIGINS OF MUTUALISM?

But more importantly, he presented a theoryb> of exchange based on laborb> that was later adopted by the cooperative movement as "labour notes." If the unemployed were enabled to support themselves through their own laborb>, given the existing system of exchange, the extra production would just flood the market and drive down prices.
That man is freely provided with raw materials by nature; That therefore in the economic order all products are the result of laborb> and all capital is unproductive; That as all credit transactions can be reduced to a form of exchange, capital loans and discounts cannot and must not bear interest.
On it depend all the mutualist institutions: mutual insurance, mutual credit, mutual aid, mutual education; reciprocal guarantees of openings, exchanges and laborb> for good quality and fairly priced goods.

http://www.mutualist.org/id25.html (14401 words)



Endogenous Growth Theoryb>

Because Arrow claimed that new machines are improved and more productive versions of those in existence, investment does not only induce productivity growth of laborb> on existing capital (as Kaldor would have it), but it would also improve the productivity of laborb> upon all subsequent machines made in the economy.
The need for a theoryb> of technical change was there: according to some rather famous calculations from Solow (1957), 87.5% of growth in output in the United States between the years 1909 and 1949 could be ascribed to technological improvements alone.
Namely, a social planner's marginal product of capital would be different as he would take the externality into account.

http://cepa.newschool.edu/het/essays/growth/endogenous.htm (14401 words)

Topic: Labor theory <b>of<

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