Labour theory of value< - Finance Records

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Topic: Labour theory of value<

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Â Labor theoryb> ofb> value - Wikipedia, the free encyclopedia

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

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

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Â Marx & Value

It is to some extent true that labourers are produced as commodities for profit (supply ofb> their training, recreation, and so on may be influenced by commercial considerations), but not true enough to make the labourb> theoryb> ofb> value realistic as an account ofb> wages.
Labourb> could not be an invariant standard ofb> value when some industries used lots ofb> labourb> and little capital while others used lots ofb> capital and little labourb>, since a change in the distribution ofb> income between wages and profits would alter costs in different industries by different amounts.
If the value ofb> one hour ofb> labourb> is $1.00 (but the purchase price ofb> one hour ofb> labourb> is $0.60) the capitalists ofb> industry 'A' each earn a profit ofb> $8.00 by paying $12.00 for labourb> which adds $20.00 to the value ofb> the product.

http://www3.sympatico.ca/saburns/pg0950.htm (15547 words)

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Â An introduction to Marx's Labourb> Theoryb> ofb> Value

Marx's value theoryb> is often presented as a simple costs ofb> production theoryb>, where we add up labourb> value-added in the various stages ofb> production to come up with a final value.
Exchange value is the phenomenal form ofb> value.
Use-value is a precondition for the determination ofb> value.

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

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Â Soc. 250 - Marx's Value Theoryb>

Ricardo's labourb> theoryb> ofb> value began to be used by trade unionists and early socialists, the so-called "Ricardian socialists," such as Francis Bray and Thomas Hodgskin.
For these writers, workers deserved all the product ofb> their labourb> and in capitalism "the wages paid to the worker are always less than the value ofb> the product which the worker has produced and the capitalist has appropriated" (Roll, p.
The labourb> value that is embodied in the commodity is simple, average, human labourb>, or unskilled labourb> ofb> average intensity.

http://leroy.cc.uregina.ca/~gingrich/318s2502.htm (5191 words)

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Â Theoryb> ofb> Value: A study ofb> Pre-Classical, Classical and

He also added a theoryb> ofb> land rent, in which he claimed that rent is price determined (not price determining) and provided reasons why profits had varying effects on value (different capital intensive industries).
The debate on the theoryb> ofb> value, which was initiated in Ancient Greece and which became dormant during the Middle Ages, later re-emerged at the close ofb> the seventeenth century to dominate economic thought for the next 200 years.
Unfortunately, for the development ofb> value theoryb>, this dualistic analysis was suppressed for almost 200 years, until its resurrection at the close ofb> the 19th century.

http://www.tcd.ie/Economics/SER/archive/1996/MFOGARTY.HTM (3009 words)

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Â Marxian Economics

Note that the Labourb> Theoryb> ofb> Value does not say that the value ofb> a commodity is determined by the actual amount ofb> labourb> contained in it.
Labourb> power not only transfers its own value and is instrumental in transferring that ofb> the constant capital, but it also creates new value.
Otherwise its value is fixed in the same way as that ofb> other commodities: by the amount ofb> socially necessary labourb> spent on creating it and recreating it.

http://www.worldsocialism.org/wsm-pages/marxecon.html (2693 words)

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Â Glossary ofb> Terms: La

The value ofb> labourb>-power is the value ofb> the means ofb> subsistence necessary for the maintenance ofb> the labourer.
The quantitative aspect ofb> that act ofb> measuring the labourb> ofb> one against the labourb> ofb> another is the determination ofb> value.
The value ofb> one commodity is to the value ofb> any other, as the labourb>-time necessary for the production ofb> the one is to that necessary for the production ofb> the other.

http://www.marxists.org/glossary/terms/l/a.htm (5956 words)

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Â WSWS Editorial Board member Nick Beams replies to a reader's question on the labourb> theoryb> ofb> value

Consequently he resorted to an adding up theoryb> ofb> value: the value ofb> a commodity is determined by the value ofb> its components—labourb>, capital, land.
He showed that the new value added by labourb> in the production process was distributed between the capitalists and labourers in the form ofb> wages and profit, and that the value ofb> the commodity remained the same no matter what the proportion ofb> these two parts.
Ofb> course such a theoryb> explains nothing for it says that the value ofb> a commodity is determined by the value ofb> other commodities—leaving open the question ofb> value itself.

http://www.wsws.org/articles/2000/apr2000/corr-a29.shtml (1943 words)

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Â LE REVUE GAUCHE - Libertarian Communist Analysis And Comment : It's the Labourb> Theoryb> ofb> Value, stupid

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

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

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Â Labourb>-power and the Value-form

It is, in a sense, a prediction ofb> the labourb>-theoryb> ofb> value that
Following this, the naive labourb> theoryb> ofb> value is given a closer examination
Money, as part ofb> the value-form, is an entity as substantial as labourb>-

http://www.users.dircon.co.uk/~pscumnud/LPVF.html (4700 words)

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Â Ceteris Paribus: Talking Shop

Basically this theoryb> states that the value ofb> a commodity is equal to the amount ofb> labourb> put into it.
In the modern economy, isn't it possible that a lot ofb> welath is created by human capital (or enterprise, to distiguish it from labourb>)?
Taking advantage ofb> my momentary weakness, he said something to the effect that since workers create all the value anyway, why should the bourgeoisie(his word)/enterpreneurial class(my word) enjoy all the material benefits anyway?

http://azatlan.blogspot.com/2005/03/talking-shop.html (644 words)

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Â New Labourb> Theoryb> ofb> Value

Before we turn to the labourb> theoryb> ofb> value, it is essential that we solve the most important problem that has, up to now, been passed over by all labourb>-value theoreticians, viz.
If, for example, we observe several people sitting motionless, it is absolutely impossible to judge whether each one is thinking, or whether the thoughts ofb> one are more or less directly or indirectly favourable to the production ofb> value.
Theoretically, a success ofb> the creative factor ofb> labourb> thus continues forever in human society; unless, through an almost unimaginable catastrophe, the records, memories and other forms ofb> access to the cognizance ofb> this success are taken from humanity.

http://www.angelfire.com/ga/chaok/index4.html (2786 words)

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Â Table ofb> contents for The labourb> theoryb> ofb> value

Table ofb> contents for The labourb> theoryb> ofb> value
Table ofb> contents for The labourb> theoryb> ofb> value / Peter C. Dooley.
John Locke: The classical perspective 3.1 His life in brief 3.2 From the state ofb> nature to civil society 3.3 The origin ofb> value: Land and labourb> 3.4 Measures ofb> value: Money and corn 3.5 The regulation ofb> value: Supply and demand 3.6 Rent and taxes 3.7 Money, interest and trade 3.8 Conclusion Chapter 4.

http://www.loc.gov/catdir/toc/ecip053/2004025763.html (151 words)

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Â labourb> theoryb> ofb> value

In classical economics, the theoryb> that the price (value) ofb> a product directly reflects the amount ofb> labourb> it involves.
According to the theoryb>, if the price ofb> a product falls, either the share ofb> labourb> in that product has declined or that expended in the production ofb> other goods has risen.
Karl Marx adopted and developed the theoryb> but it was not supported by all classical economists.

http://www.tiscali.co.uk/reference/encyclopaedia/hutchinson/m0021784.html (151 words)

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Â CATHOLIC ENCYCLOPEDIA: Labourb> and Labourb> Legislation

While the labourers ofb> Athens who were citizens participated to some extent in the affairs ofb> government, they do not seem to have obtained any legislation for the benefit ofb> labourb>.
It was not, however, the purpose ofb> this rescript to benefit the labourer.
The old legislation fixing wages, and requiring a seven-year's period ofb> apprenticeship, was abolished in 1813 and 1814, and nothing was substituted for the protection ofb> the labourer.

http://www.newadvent.org/cathen/08719a.htm (151 words)

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Â Unfree labourb> - Wikipedia, the free encyclopedia

According to the labourb> theoryb> ofb> value (as used by the classical economists), under capitalism, workers never keep all ofb> the wealth they create, as some ofb> it goes to the profit ofb> capitalists.
By contrast, according to the subjective theoryb> ofb> value (as used by neoclassical economists), the wages offered necessarily represent the marginal wealth generated by the labor, and any profit (or loss) is due to other inputs provided, such as arbitrage, time value ofb> money, or risk.
They usually fare far better than most other unfree labourers in that they have the exclusive use ofb> some land and/or means ofb> production, legal or strongly traditional human rights, economic security, and free time to a much greater extent than slaves, indenturees, and many wage labourers.

http://en.wikipedia.org/wiki/Forced_labor (1465 words)

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Â PlanetPapers - Marxism and the Labor Theoryb> ofb> Value

The counterfactual in RoemerÂ’s property relations approach is intended to generalize the Marxian theoryb> ofb> exploitation beyond the specifics ofb> the capitalist labourb> process to account for all modes ofb> production in which there is an unequal endowment ofb> productive assets and a factor market.
Exploitation took the form ofb> workers producing goods embodying more ofb> their labourb> than was embodied in the wage goods that they received in return, that surplus labourb> became monetized through the price system in a simple way because prices were assumed to be just proportional to the amounts ofb> labor embodied in commodities.
Whereas comparison ofb> one theoryb> in terms ofb> another theoryb> implies, at best, the falsification ofb> one set ofb> propositions with reference to another set ofb> propositions, criticism ofb> relevance and realism Â‘requires substantial and continual reference to the underlying epistemological and ontological view being taken, however it is perceivedÂ’ (1983, p.10).

http://www.planetpapers.com/Assets/4694.php (1465 words)

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Â Contributions

This paper, his papers with Lio on moral hazard, insurance, and division ofb> labor, and on endogenous transaction costs and the theoryb> ofb> the firm have successfully absorbed challenge raised by several referees that transaction costs and the network size ofb> division ofb> labourb> should be simultaneously endogenized.
The second part provides a brief overview ofb> models ofb> specialization which derive from neoclassical trade theoryb> or are part ofb> what has come to be known as the 'new' trade or growth theoryb>.
The distinguishing feature ofb> this type ofb> model is that changes in the division ofb> labourb> are represented both in the number ofb> goods in the economy and in individuals' level ofb> specialization in production activities.

http://www-personal.buseco.monash.edu.au/~xkyang/contributions.htm (7913 words)

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Â Unfree labourb> - Wikipedia, the free encyclopedia

According to the labourb> theoryb> ofb> value, under capitalism, workers never keep all ofb> the wealth they create, as some ofb> it goes to the profit ofb> capitalists.
In practice, however, many nominally free labourers, in some historical periods and/or countries, face significant constraints on their ability to leave their jobs, and may not receive payment which is above the level ofb> subsistence.
Unfree labourb> is a generic or collective term for forms ofb> work, especially in modern or early modern history, in which adults and/or children are employed against their will by the threat ofb> destitution, detention, violence (including death), or other extreme hardship to themselves, or to members ofb> their families.

http://en.wikipedia.org/wiki/Forced_labour (1324 words)

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Â Rate ofb> exploitation - Wikipedia, the free encyclopedia

Thus, the quantity ofb> surplus labourb> performed by workers in an enterprise might correspond to a value higher or lower than the surplus value actually realised as profit income upon sales ofb> output.
Technically speaking, in the finer points ofb> his theoryb>, Marx did not regard the rate ofb> surplus value and the rate ofb> exploitation as necessarily identical, insofar as there was a divergence between surplus value realised and surplus value produced.
Marx equates wage costs with labourb> costs, but labourb> costs may involve much more than wages (taxes, social security levies, employer contributions to schemes benefiting employees, bribes and all sorts) (see also Compensation ofb> employees).

http://en.wikipedia.org/wiki/Rate_of_exploitation (682 words)

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Â Glossary ofb> Terms: La

The labourb> theoryb> ofb> value is the proposition that the value ofb> a commodity is equal the quantity ofb> socially necessary labourb>-time required for its production.
There can be no doubt that the labourb> theoryb> ofb> value tells us important things about the way people relate to one another in bourgeois society and the growth ofb> these relations into entities which take on the appearance ofb> objective laws ofb> nature.
The quantitative aspect ofb> that act ofb> measuring the labourb> ofb> one against the labourb> ofb> another is the determination ofb> value.

http://www.marxists.org/glossary/terms/l/a.htm (682 words)

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Â Bohm-Bawerk, The Positive Theoryb> ofb> Capital, Front Matter: Library ofb> Economics and Liberty

Lastly, the Socialist or Exploitation theoryb>, which makes interest simply a gain from exploited labourb>, is shown to be a theoryb> which could only arise on the negative basis ofb> the unsatisfactory accounts hitherto given, and on the positive basis ofb> a mistaken value theoryb>.
But on our theoryb> the later services ofb> such a good must have a less value than the proximate services, and the total value ofb> the good will be a sum ofb> diminishing amounts.
As in the theoryb> ofb> money it is well known that any quantity ofb> currency, small or great, will effect the necessary exchanges, so here the available quantity ofb> present goods offered for sale will buy up the whole ofb> the available labourb>.

http://www.econlib.org/library/BohmBawerk/bbPTC0.html (682 words)

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Â MARXISM AND REVISIONISM

The cost ofb> production ofb> simple labourb> power, therefore, amounts to the cost ofb> the existence and reproduction ofb> the worker.
But the costs ofb> production ofb> labourb> consist ofb> precisely the quantity ofb> means ofb> subsistence necesary to enable the worker to continue working and to prevent the working class from dying out.
It held that the market price ofb> labourb> would always tend toward the minimum required for subsistence.

http://www.oneparty.co.uk/html/impov.html (682 words)

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Â Marx & Value

And this ofb> course is the plausibility ofb> the labourb> theoryb> ofb> value: it treats labourb>, the foregoing ofb> leisure, as the cost ofb> anything, in the last analysis.
If the value ofb> one hour ofb> labourb> is $1.00 (but the purchase price ofb> one hour ofb> labourb> is $0.60) the capitalists ofb> industry 'A' each earn a profit ofb> $8.00 by paying $12.00 for labourb> which adds $20.00 to the value ofb> the product.
The main point about the marginalist theories is that they switched the focus ofb> attention from the average or normal price, value or cost to the price, value or cost ofb> the marginal item, that is the item just inside or just beyond the edge ofb> what is actually produced or sold.

http://www3.sympatico.ca/saburns/pg0950.htm (682 words)

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Â marx's theoryb> ofb> surplus-value

That is also the reason why Marx attached so much importance to treating surplus-value as a general category, over and above profits (themselves subdivided into industrial profits, bank profits, commercial profits etc.), interest and rent, which are all part ofb> the total surplus product produced by wage labourb>.
MarxÂ’s theoryb> ofb> surplus-value is therefore closely intertwined with a theoryb> ofb> wages which is far away from MalthusÂ’s, RicardoÂ’s or the early socialists' (like Ferdinand LassalleÂ’s) Â‘iron law ofb> wagesÂ’, in which wages tend to fluctuate around the physiological minimum.
Surplus-value is but that difference between the total new value created by the commodity labourb> power, and its own value, its own reproduction costs.

http://www.geocities.com/youth4sa/economics2.html (682 words)

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Â WIRED 4.06: The Economics ofb> ideas

Until now, the contributions ofb> the various factors responsible for shifts in the production function (using only labourb> and capital on the two axes ofb> the production function) were continuously under debate.
This growth is as a result ofb> increasingly high technology service growth which requires skilled labourb>, thus South Africa will need a far greater supply ofb> skilled labourb> to harness the opportunities.
Software is a nonrival good because it can be copied endlessly Â at essentially no cost Â and be used by many people at once.

http://www.hi.is/~joner/uh_romer.htm (682 words)

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Â Marxian Exploitation Theoryb> - Forums powered by Reason and Principle

Hence the buyer ofb> labourb> necessarily receives the surplus value, since he pays the worker a wage equal to the cost ofb> producing the labourb> power sold, and receives a price equal to the value ofb> what that labourb> power produces.
However, at this point the price ofb> labourb> – the wage paid – is equal to the price that is received for its product.
Now labourb> power is bought and sold, as any other commodity, at a price sufficient to cover its cost ofb> production.

http://www.libertyforum.org/showflat.php?Cat=&Board=news_business&Number=1355021 (682 words)

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Â Economic Manuscripts: Capital Vol. I - Chapter One

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

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

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Â The Avalon Project : Labourb> Defended against the Claims ofb> Capital

This large share he has endeavored to show is the cause ofb> the poverty ofb> the labourer; and he ventures to assert that the condition ofb> the labourer can never be permanently improved till he can refute the theoryb>, and is determined to oppose the practice ofb> giving nearly everything to capital.
Although, therefore, the number ofb> labourers must at all times depend on the quantity ofb> circulating capital, or, as I should say, on the quantity ofb> the products ofb> co-existing labourb>, which labourers are allowed to consume, the quality ofb> commodities they produce will depend on the efficiency ofb> their fixed capital.
Fixed capital does not derive its utility from previous, but present labourb>; and does not bring its owner a profit because it has been stored up, but because it is a means ofb> obtaining a command over labourb>.

http://www.yale.edu/lawweb/avalon/econ/labdef.htm (18901 words)

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Â The Filter^: Neoclassical endogenous growth theoryb>

A simple production function would be Y= f (K, AL), or output is a function ofb> the amount or capital, labourb>, and it's effectiveness.
The Solow Growth model used four variables: output (Y), capital (K), labourb> (L), and the effectiveness ofb> labourb> (A).
Now, instead ofb> a natural steady state ofb> growth that it's impossible to deviate from in the long-run, under a certain set ofb> assumptions it was possible for governments to invest in research and stimulate ever increasing growth.

http://thefilter.blogs.com/thefilter/2004/07/neoclassical_en.html (18901 words)

Topic: Labour theory of <b>value<

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