classical labor theory of value
E1002039
The classical labor theory of value is an economic doctrine, developed by thinkers like Adam Smith and David Ricardo, which holds that the value of a commodity is fundamentally determined by the amount of labor required to produce it.
All labels observed (1)
| Label | Occurrences |
|---|---|
| classical labor theory of value canonical | 1 |
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
doctrine in classical economics
ⓘ
economic theory ⓘ theory of value ⓘ |
| appliesTo | reproducible commodities ⓘ |
| associatedWith |
classical economics
ⓘ
political economy ⓘ |
| assumes |
commodities produced for exchange
ⓘ
competitive markets in the long run ⓘ |
| basisFor |
Marxian theory of exploitation
ⓘ
labor theory of surplus value in Marxism ⓘ |
| contrastedWith |
marginal utility theory of value
ⓘ
subjective theory of value ⓘ |
| coreClaim |
labor is the source of economic value
ⓘ
the value of a commodity is determined by the labor required to produce it ⓘ |
| criticizedBy | neoclassical economists ⓘ |
| criticizedFor |
difficulty explaining prices of non-reproducible goods
ⓘ
neglecting marginal utility ⓘ problems with heterogeneous labor measurement ⓘ |
| developedBy |
Adam Smith
NERFINISHED
ⓘ
David Ricardo NERFINISHED ⓘ Karl Marx NERFINISHED ⓘ classical economists ⓘ |
| downplays | subjective preferences of consumers ⓘ |
| emphasizes |
cost of production
ⓘ
labor time required for production ⓘ |
| field | economics ⓘ |
| focusesOn | production side of the economy ⓘ |
| goal | explain long-run relative prices of commodities ⓘ |
| historicalRole |
foundation of classical political economy
ⓘ
precursor to neoclassical value theories ⓘ |
| influenced |
Marxian economics
NERFINISHED
ⓘ
labor theory of surplus value NERFINISHED ⓘ |
| influencedBy | labor as a measure of value in early political economy ⓘ |
| keyConcept |
cost-of-production price
ⓘ
natural price ⓘ socially necessary labor time ⓘ |
| language | English ⓘ |
| relatedConcept |
exchange value
ⓘ
profits ⓘ rent ⓘ surplus value ⓘ use value ⓘ wages ⓘ |
| timePeriod |
18th century
ⓘ
19th century ⓘ |
| usedBy |
Adam Smith in explaining natural prices
ⓘ
David Ricardo in explaining relative prices ⓘ Karl Marx in explaining exploitation ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.