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Labour theory of value: Difference between revisions
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{{image|Karl Marx|jpg|A fan of hard yakka, yesterday.}}}}:“''The things which have the greatest value in use have frequently little or no value in exchange; and, on the contrary, those which have the greatest value in exchange have frequently little or no value in use. Nothing is more useful than water: but it will purchase scarce anything; scarce anything can be had in exchange for it. A diamond, on the contrary, has scarce any value in use; but a very great quantity of other goods may frequently be had in exchange for it.''” | {{image|Karl Marx|jpg|A fan of hard yakka, yesterday.}}}}:“''The things which have the greatest value in use have frequently little or no value in exchange; and, on the contrary, those which have the greatest value in exchange have frequently little or no value in use. Nothing is more useful than water: but it will purchase scarce anything; scarce anything can be had in exchange for it. A diamond, on the contrary, has scarce any value in use; but a very great quantity of other goods may frequently be had in exchange for it.''” | ||
::{{author|Adam Smith}} —{{br|The Wealth of Nations}}, Book 1, chapter IV. | ::{{author|Adam Smith}} —{{br|The Wealth of Nations}}, Book 1, chapter IV. | ||
The [[labour theory of value]] (“'''[[LTV]]'''”) argues that the ''economic'' value of a good or service is determined by the total amount of “socially necessary labour” required to produce it. A staple of Marxist theory, the [[LTV]] stands in contrast to the neoclassical model of [[value]] — the one typically subscribed to by venal capitalist running dogs etc. — that the value of a good or service is ''whatever someone else is prepared to pay for it''. | The [[labour theory of value]] (“'''[[LTV]]'''”) argues that the ''economic'' value of a good or service is determined by the total amount of “socially necessary labour” required to produce it. A staple of Marxist theory, the [[LTV]] stands in contrast to the neoclassical model of [[value]] — the one typically subscribed to by venal capitalist running dogs etc., as as articulated by their spiritual Godfather [[Adam Smith]], above — that the value of a good or service is ''whatever someone else is prepared to pay for it''. | ||
Cue long-winded diatribes, from either side, about those who know the ''price'' of everything, the ''value'' of nothing, and so forth. | Cue long-winded diatribes, from either side, about those who know the ''price'' of everything, the ''value'' of nothing, and so forth. | ||