The labor theory of value (LTV) is an economic theory that argues that the value of a good or service is determined by the total amount of socially necessary labor required to produce it. The LTV is usually associated with Marxian economics, although it was originally used by classical economists like Adam Smith and David Ricardo to explain the long-run "natural price" of commodities.
The labor theory of value (LTV) is an economic theory that argues that the value of a good or service is determined by the total amount of socially necessary labor required to produce it. The LTV is usually associated with Marxian economics, although it was originally used by classical economists like Adam Smith and David Ricardo to explain the long-run "natural price" of commodities.
Source: Wikipedia "Labor theory of value" · CC BY-SA 4.0
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