Labor Theory

Some articles on labor theory, labor, theory:

Cost The Limit Of Price
... a (prescriptive) version of the labor theory of value ... Warren maintained that the just compensation for labor (or for its product) could only be an equivalent amount of labor (or a product embodying an equivalent amount) ... As Samuel Edward Konkin III put it, "the labor theory of value recognizes no distinction between profit and plunder." In keeping with the tradition of Adam Smith's The Wealth of Nations, the "cost" of ...
Subjective Theory Of Value - Overview
... The theory holds that things become valuable in the economic sense (have exchange value or price) under two conditions 1) They are useful in satisfying ... The subjective theory of value was built upon to develop marginalist economics ... The subjective theory contrasts with intrinsic theories of value, such as the labor theory of value which holds that the economic value of a thing is contingent upon how much labor ...
Formal Democracy - Issues - Exploitation
... In an economic sense, exploitation is often related to the expropriation of labor for profit and based on Marx's version of the labor theory of value ... The labor theory of value was supported by classical economists like David Ricardo and Adam Smith who believed that "the value of a commodity depends on the relative quantity of labor which is necessary for ... "common denominator" between commodities, in particular that commodities are the product of labor and are related to each other by an exchange value (i.e ...
Labor Theory Of Property
... The labor theory of property or labor theory of appropriation or labor theory of ownership is a natural law theory that holds that property originally comes about by the exertion of labor upon natural resources ... persons own themselves and therefore their own labor ... When a person works, that labor enters into the object ...
Socialist Economics - Description - Economic Value in Socialism
... base the value of a good or service on its use value, rather than its cost of production (labor theory of value) or its exchange value (Marginal Utility) ... mutualism and market socialism, attempt to apply the labor theory of value to socialism, so that the price of a good or service is adjusted to equal ... The labor-time expended by each worker would correspond to labor credits, which would be used as a currency to acquire goods and services ...

Famous quotes containing the words theory and/or labor:

    Freud was a hero. He descended to the “Underworld” and met there stark terrors. He carried with him his theory as a Medusa’s head which turned these terrors to stone.
    —R.D. (Ronald David)

    I think it is a wise course for laborers to unite to defend their interests.... I think the employer who declines to deal with organized labor and to recognize it as a proper element in the settlement of wage controversies is behind the times.... Of course, when organized labor permits itself to sympathize with violent methods or undue duress, it is not entitled to our sympathy.
    William Howard Taft (1857–1930)