Definition of labour theory of value in English:

labour theory of value

noun

  • [mass noun] The Marxist theory that the value of a commodity should be determined by the amount of human labour used in its production.

    • ‘This discussion was to lead to a very tricky problem in the labor theory of value, but no-one would know that until later.’
    • ‘Marx inherited the labour theory of value from the classical school.’
    • ‘How can that be, according to the labor theory of value?’
    • ‘Capitalists have been vehemently opposed to the labour theory of value for good reason.’
    • ‘For this reason, many pro-capitalist economists say that the labour theory of value is nonsense.’