Some articles on theory, labour, labour theory:
... later by Malthus, Ricardo, and Marx in their propounding a rigid subsistence-wage theory of labour supply ... economists presented competing theories of those of Smith, termed the "labour theory of value" ... descending from classical economics also use Smith's labour theories, in part ...
... Menger advanced his theory that the marginal utility of goods, rather than the labor inputs that went into making them, is the source of their value ... This marginalist theory solved the diamond-water paradox that had been puzzling classical economists the fact that mankind finds diamonds to be far more valuable than water although water is ... The labour theory of value was the explanation that had been reached by Adam Smith among others, and the Marxist school of economics still relies on this theory ...
... The "law of value" is often equated with the "labour theory of value" but this is strictly speaking an error, for five reasons ... between the trading values of commodities, and the socially average labour-time required to supply them ... The labour theory of value in economics aims to explain how that determination actually works, what kinds of causal relationships are involved, how the law of value interacts with ...
Famous quotes containing the words theory and/or labour:
“It is not enough for theory to describe and analyse, it must itself be an event in the universe it describes. In order to do this theory must partake of and become the acceleration of this logic. It must tear itself from all referents and take pride only in the future. Theory must operate on time at the cost of a deliberate distortion of present reality.”
—Jean Baudrillard (b. 1929)
“The gates of Hell are open night and day;
Smooth the descent, and easy is the way:
But, to return, and view the cheerful skies;
In this, the task and mighty labour lies.”
—Virgil [Publius Vergilius Maro] (7019 B.C.)