The paper concludes, therefore, that, for Smith, labour is a measure of value but also the source of value, so that the Scottish philosopher opts in the first chapters of The Wealth of Nations for a labour theory of value
against the belief of those who interpret that Smith founded a value theory based on production costs.
A key part of Marx's analysis, flowing from his version of the labour theory of value
, is his view that labour power is a commodity with both a use value (to create surplus value or undertake other activities for the boss or the State aiding that end) and an exchange value, reflected in the market by its price or wage.
or the labour theory of value
in justifying Lockean acquisition, we
Nevertheless, in Petty we find the germs of a labour theory of value
, a scientific methodology based on 'sensible' (non-subjective) quantities and an analytical notion of surplus.
(xliv) Note that Dumenil and Foley (2006) call now their NI "the Single-System Labour Theory of Value
On the basis of the moral economy and the popular labour theory of value
, wealth gained through profit, interest, rent and speculation by 'accumulators', 'profit and loan-mongers' and 'stock and land-jobbers', was unearned increment that had its origin in the socially useful labour of the producing classes.
To do so, she turns to Marx's labour theory of value
, critiquing his failure to recognize that some groups of labour were already more or less valued as part of pre-capitalist relations that were subsequently embedded within capitalism.
The book begins with a critical analysis of the theoretical works of Marx's labour theory of value
(Chapter 1), and of patriarchy and capitalism (Chapter 2).
He then follows Ramsay Cook in suggesting that the thing uniting "toilers" was a labour theory of value
-- a doctrine holding that the worth of a good derived from the labour expended in its production.
When neo-Classical economists abandoned the labour theory of value
, the spotlight turned on Say's perception of utility in the context of the economic system's constant tendency to adjust toward general equilibrium.
Barnes also outlines several theories of value and their relation to the analysis of spatial relations, including the labour theory of value
and neoclassical notions of place utility, offering instead several versions drawn from postmodern economic theory.
First Constitutionalists, then Democratic-Republicans, and later Old School Democrats, all advocated versions of producers' rights which culminated in nothing less than a labour theory of value
. Thus when the material conditions of industrial capitalismeroded the independence of mechanics in the nineteenth century, they responded by drawing on a political heritage which was really of their own making, although articulated by aradical bourgeois intelligentsia.