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| | Marx & Value |
 | | Labour could not be an invariant standard of value when some industries used lots of labour and little capital while others used lots of capital and little labour, since a change in the distribution of income between wages and profits would alter costs in different industries by different amounts. | | | The value to the consumer of the last unit consumed (the marginal unit to the marginal consumer) - which, because of declining marginal utility, is the least valuable unit of that product consumed - is equal to the cost of the last unit produced (again, the marginal unit). | | | If the value of one hour of labour is $1.00 (but the purchase price of one hour of labour is $0.60) the capitalists of industry 'A' each earn a profit of $8.00 by paying $12.00 for labour which adds $20.00 to the value of the product. |
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http://www3.sympatico.ca/saburns/pg0950.htm
(15547 words)
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| | An introduction to Marx's Labour Theory of Value |
| | Exchange value is the phenomenal form of value. | | | Marx's value theory is often presented as a simple costs of production theory, where we add up labour value-added in the various stages of production to come up with a final value. | | | We value the marginal unit, not the mass. |
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http://www.marxist.com/Economy/theory_of_value_1.html
(5534 words)
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| | Soc. 250 - Marx's Value Theory |
| | For these writers, workers deserved all the product of their labour and in capitalism "the wages paid to the worker are always less than the value of the product which the worker has produced and the capitalist has appropriated" (Roll, p. | | | Marx asks what constitutes this common value, for if two different commodities are equal in value, there must be some common measure of this value. | | | If an object is a commodity, then it has the quality of being a use value and has importance as (i) the basis of the wealth of society; (ii) the material depository of exchange value; and (iii) becomes real only when consumed by individuals or in the process of production – ie. |
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http://leroy.cc.uregina.ca/~gingrich/318s2502.htm
(5191 words)
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| | Theory of Value: A study of Pre-Classical, Classical and |
| | The value of diamonds was greater than the value of water because it was marginal utility and not total utility that determines consumer choice and hence value. | | | He also added a theory of 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). | | | Henceforth any changes in the value of goods were due to a change in the quantity supplied or demanded. |
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http://www.tcd.ie/Economics/SER/archive/1996/MFOGARTY.HTM
(3009 words)
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| | Marxian Economics |
| | Labour power not only transfers its own value and is instrumental in transferring that of the constant capital, but it also creates new value. | | | Otherwise its value is fixed in the same way as that of other commodities: by the amount of socially necessary labour spent on creating it and recreating it. | | | Even capitalist accountants recognise this: the part of the cost of a commodity they put down to depreciation is to cover the value transferred from the buildings and machinery. |
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http://www.worldsocialism.org/wsm-pages/marxecon.html
(2693 words)
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| | Glossary of Terms: La |
| | The value of labour-power is the value of the means of subsistence necessary for the maintenance of the labourer. | | | The quantitative aspect of that act of measuring the labour of one against the labour of another is the determination of value. | | | 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. |
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http://www.marxists.org/glossary/terms/l/a.htm
(5956 words)
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| | WSWS Editorial Board member Nick Beams replies to a reader's question on the labour theory of value |
| | He showed that the new value added by labour in the production process was distributed between the capitalists and labourers in the form of wages and profit, and that the value of the commodity remained the same no matter what the proportion of these two parts. | | | But the rate of profit is calculated not on the basis of the capital outlaid in the purchase labour power (variable capital) but on the whole of capital deployed in the production process, that is on the capital expended in the purchase of constant capital (raw materials and machinery) as well as variable capital. | | | Because constant capital merely transferred its value to the final commodity and did not create surplus value, there was an inherent tendency for the rate of profit (calculated as the ratio of surplus value to the total capital used in the production process) to decline. |
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http://www.wsws.org/articles/2000/apr2000/corr-a29.shtml
(1943 words)
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| | LE REVUE GAUCHE - Libertarian Communist Analysis And Comment : It's the Labour Theory 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 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 of society of which each individual labor 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. |
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http://plawiuk.blogspot.com/2005/03/its-labour-theory-of-value-stupid_14.html
(4041 words)
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| | Labour-power and the Value-form |
| | labour purchasable with the wages of a unit of labour-power, is equal to the | | | The exploitation ratio is defined as the ratio of surplus value | | | Money, as part of the value-form, is an entity as substantial as labour- |
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http://www.users.dircon.co.uk/~pscumnud/LPVF.html
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| | Ceteris Paribus: Talking Shop |
| | In the modern economy, isn't it possible that a lot of welath is created by human capital (or enterprise, to distiguish it from labour)? | | | Taking advantage of 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? | | | Basically this theory states that the value of a commodity is equal to the amount of labour put into it. |
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http://azatlan.blogspot.com/2005/03/talking-shop.html
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| | New Labour Theory of Value |
| | If, for example, we observe several people sitting motionless, it is absolutely impossible to judge whether each one is thinking, or whether the thoughts of one are more or less directly or indirectly favourable to the production of value. | | | Before we turn to the labour theory of value, it is essential that we solve the most important problem that has, up to now, been passed over by all labour-value theoreticians, viz. | | | Labour and time together first create labour quantities, that is actualised labour; if one allows time to pass without work, then no results will be achieved, which alone are storeable. |
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http://www.angelfire.com/ga/chaok/index4.html
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| | Table of contents for The labour theory of value |
| | John Locke: The classical perspective 3.1 His life in brief 3.2 From the state of nature to civil society 3.3 The origin of value: Land and labour 3.4 Measures of value: Money and corn 3.5 The regulation of value: Supply and demand 3.6 Rent and taxes 3.7 Money, interest and trade 3.8 Conclusion Chapter 4. | | | Table of contents for The labour theory of value | | | Table of contents for The labour theory of value / Peter C. Dooley. |
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http://www.loc.gov/catdir/toc/ecip053/2004025763.html
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| | labour theory of value |
| | According to the theory, if the price of a product falls, either the share of labour in that product has declined or that expended in the production of other goods has risen. | | | In classical economics, the theory that the price (value) of a product directly reflects the amount of labour it involves. | | | Karl Marx adopted and developed the theory but it was not supported by all classical economists. |
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http://www.tiscali.co.uk/reference/encyclopaedia/hutchinson/m0021784.html
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| | [No title] |
| | It is . - ð . ûüÿ @ Arial - 2 \ not . - ð . ûüÿ @ Arial - . 2 a specified in terms of the . - ð . ûüÿ @ Arial - 2 a . cost . - ð . ûüÿ @ Arial - % 2 a 7 of that labour time. . - ð ¶b ç0 ¶b z[ 0x¶b " ·D L u c i d a S a n s ¸b 0 ¶b h¶b ç0 ¶b z[ 0x¶b " ¤ @ ÿÿ ¥ . © @ £n ÿý? " d ÿ d @ ÿÿï ÿÿÿÿÿÿ @@ `` ¸ ð° ðX ¤ * P # % $ ' ) + - / 1 3 4 8 : ; = ? A C E ð0 A ¿ À ÅA ÿ @ ñ ÷ ð ó Ð3 Û Ê;”Ç Ê; úg þ ý4 5 d 5 d ¶b z[ 0 ¦ÿÿÿ¬ÿÿÿ b p û p p û @ |
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http://les.man.ac.uk/ses/Courses/ES3780/Ricardo2.ppt
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