The Marxist theory that the value of a commodity should be determined by the amount of human labour used in its production.
Example sentencesExamples
- Marx inherited the labour theory of value from the classical school.
- This discussion was to lead to a very tricky problem in the labor theory of value, but no-one would know that until later.
- How can that be, according to the labor theory of value?
- For this reason, many pro-capitalist economists say that the labour theory of value is nonsense.
- Capitalists have been vehemently opposed to the labour theory of value for good reason.