One of the mysteries of the English language finally explained.
The Marxist theory that the value of a commodity should be determined by the amount of human labour used in its production.
- ‘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.’
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