law of value

(MARXISM) the doctrine that a fall in the amount of labour embodied in a commodity as the result of technical change in the production process will bring about a reduction in the price or VALUE of a commodity, or will strongly tend to. This is a consequence of the acceptance of the LABOUR THEORY OF VALUE by Marx, who adopted this position from Ricardo. See ORGANIC COMPOSITION OF CAPITAL, TENDENCY TO DECLINING RATE OF PROFIT.

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