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| | ISIL -- Labor Theory of Value |
 | | But proponents of the labor theory would have it both ways: workers are to receive the full future value of their product now. | | | Marx defined value as "consumed labor time", and stated that "all goods, considered economically, are only the product of labor and cost nothing except labor". | | | Because value is not solely a product of labor, these abilities are extremely valuable. |
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http://www.isil.org/resources/lit/labor-theory-val.html
(1749 words)
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| | Chapter 3. The Theory of Value |
| | 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. | | | 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 labor services. | | | There are other labor services that have goods-character but not economic character, and hence no value (...the labor services connected with some unpaid office, for example)...Labor services are therefore not always goods or economic goods simply because they are labor services; they do not have value as a matter of necessity. |
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http://mason.gmu.edu/~tlidderd/menger/menger_ch3.html
(6403 words)
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| | 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. | | | The antagonism between the relative form of value and the equivalent form, the two poles of the value form, is developed concurrently with that form itself. |
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http://www.marxists.org/archive/marx/works/1867-c1/ch01.htm
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| | 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 labor hours that are required to produce that commodity. | | | We do have bouts with the business cycle, but more and more economists believe that significant recessions and depressions may be more the unintended result of state intervention (through monetary policy carried out by central banks and government policies on taxation and spending) and less an inherent feature of markets as such. | | | The entire capitalist system—with its private property, money, market exchange, profit-and-loss accounting, labor 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. |
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http://www.econlib.org/library/Enc/Marxism.html
(1901 words)
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| | A. Statement of the Classical Labor Theory 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 labor the source of its effect on exchange value. | | | Either the labor theory of value, or, secondarily, some other form of cost theory of value, | | | Labour was the first price, the original purchase-money that was paid for all things. |
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http://www.mutualist.org/id48.html
(361 words)
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| | RevolutionaryLeft.com -> Labor Theory Of Value |
| | The value of labor is always lesser then the value of the manufactured goods that it constructs. | | | Labour theory 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 labor) should be used as a medium for exchange. |
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http://www.revolutionaryleft.com/index.php?showtopic=28429
(1955 words)
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| | PlanetPapers - Marxism and the Labor Theory of Value |
| | Freeman’s crucial point is that the ‘falsity’ of the labour theory of value rests solely upon academic acceptance of equilibrium analysis and positivist methodology as ‘appropriate’ methods for doing ‘economics’. | | | A coalition of individuals withdraw from society with their ‘share’ of society’s scarce commodities and resources: if each individual’s income and leisure hypothetically increases, while the assets of the members of the opposite coalition hypothetically decrease, the withdrawing coalition were exploited; if not then they were not exploited. | | | But it has long been known that equilibrium prices in a market economy are not proportional to the amount of labor embodied in goods; it was therefore necessary to ask whether the Marxist theory of accumulation could be made more precise even though the labor theory of value was wrong. |
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http://www.planetpapers.com/Assets/4694.php
(8335 words)
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| | Scholastic Economics: Thomistic Value Theory |
| | In considering expenses, in addition to labor, Saint Thomas incorporates a notion that embraces very subjective factors such as risk and other costs that are borne by the valuing party. | | | The only way for a market valuation of goods to be publicly accessible is by employing some other measure of value. | | | Price is a value that reflects the significance attached to the good desired in relation to all other uses of the money in the buyer’s assessment. |
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http://www.acton.org/publicat/randl/article.php?id=239
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| | Living-wage Follies - Mises Institute |
| | If many more buyers and sellers jumped in, their competition would establish a price (say $6 per hour) for this type of labor 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 labor than its market price and thereby turning an honestly earned (even if not very high) wage into a mixture of wage and dole. | | | Prudent economists are a little uncomfortable concluding that this market price "measures value," but it's the best anyone can do. |
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http://www.mises.org/fullarticle.asp?control=1150
(862 words)
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| | The Labor Theory of Music |
| | Music cannot be measured in its value on the basis of labor alone. | | | Furthermore, bringing a song to the public requires all sorts of economic transactions and human activities that rarely go as financially rewarded, per hour of labor invested, as does the songwriter’s contribution. | | | As I wrote in a different publication, the Labor Theory 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 labor required. |
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http://www.strike-the-root.com/51/gregory/gregory2.html
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| | Labor Theory of Value |
| | A critique cannot even be made within the context of merely the labor theory 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 labor theory 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 labor theory of value is a joke. |
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http://www.csudh.edu/dearhabermas/marx07.htm
(813 words)
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| | Townhall.com :: Columns :: The labor theory of value by Paul Greenberg - Sep 2, 2002 |
| | Lincoln, "is prior to, and independent of capital, that, in fact, capital is the fruit of labor, and could never have existed if labor had not first existed -- that labor can exist without capital, but that capital could never have existed without labor. | | | Lincoln cited the farmer as an example of both capital and labor. | | | But the old shoemaker wouldn't have had to be told about the identity of interest between capital and labor; he had lived it. |
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http://www.townhall.com/columnists/paulgreenberg/pg20020902.shtml
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