law of value


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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.
References in periodicals archive ?
Among his topics are the principle of change, scientific versus philosophical criticism of political economy, the law of value, and productive forces and production-relations.
Another stumbling point for some critics of Dialectica de la dependecia is the logic of the so-called law of value and its validity.
His formulation of a structural and permanent violation of the value of the labor power, as well as the setting of prices of commodities above their true value--thereby contributing to unequal exchange to the detriment of dependent economies--was in their view a threat to the principles of capitalism, which moves toward extending the law of value.
Among them are the Law of Value, which holds that your true worth is determined by how much more you give in value than you take in payment; the Law of Compensation, which states that your income is determined by how many people you serve and how well you serve them; and the Law of Influence, which says that your influence is determined by how abundantly you place other people's interests first.
It is the irreconcilable antagonism synthesized by the law of value which erupts during the crisis.
13 (SUNA) - The Council of Ministers, at its regular meeting Thursday headed by President of the Republic Field Marshal Omer Al-Bashir, approved an order under the law of value added tax exempting water cannons of the category 25 inches to 50 inches from the value added tax (VAT).
In the transition to what is today called post-Fordism and its emphasis on flexible labor, nonhierarchical organization, and the priority of affects and knowledge in production, it was what Marx called the law of value itself--the idea that the exchange-value of commodities is keyed to the amount of "socially necessary" labor required for their production--that was entering into a period of illegitimacy and crisis.
They also argue that the line between work and life is being dissolved, one consequence of which is that Marx's law of value no longer holds.
Up to now, she noted, Stalin's ideologists had always denied that the Marxian law of value operated in the USSR.
Beyond this critique Amin offers an alternative methodology to deal with the analysis of global capitalism in two books, Imperialism and Unequal Development and The Law of Value and Historical Materialism.
According to Stalin, the law of value governs wherever there is commodity production.
Thus the influential economist Preobrazhensky discussed in his New Economics the existence of a conflict between the law of value and the element of planning, noting at the same time that the law of value would die out the further Russia advanced toward socialist planning.