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Labor Theory of Value

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LABOR POWER, LABOR VALUE

LABOR PRODUCTIVITY

  • Natural price= labor level of wage+land level of rent+capital level of profit (Smith Adam)

  • Relative commodity prices will tend to reflect the relative labor time it takes to produce the commodities (Smith Adam)

  • "... one of the causes that have hitherto impeded the progress of mankind towards happiness" (Malthus, 1933:5).

Assumptions of Adam Smith

  • Two deer one beaver (Adam Smith)

  • "Labour was the first price, the original purchase, money that was paid for all things. It was not by gold or by silver, but by labour, that all wealth of the world was originally purchased" (ADAM SMITH).
  • Subsistence level (Adam Smith, David Ricardo
  • Low wages in order to control sources easily (Thomas Malthus)
  • The commodity has use value and exchange value
  • Labor According to Karl Marx
  • In Marxist theory, commodities that include labor in it, do not determine their value, it reflects essence of value.

  • Labor power
  • Nominal and real price
  • Labor theory of value depends on labor required to produce the commodity (A. Smith)

Labor theory of value

  • Adam Smith
  • David Ricardo
  • Thomas Malthus
  • Karl Marx

WAGES,COSTS,PROFITS,RENTS,PRICES

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