Frequently Asked Questions about The Labor Theory of Value
Опубликовано на портале: 05-01-2003
Colorado: Blackwell Publishing Company, 2001
The LTV is the sound theory that market prices are attracted by prices proportional to the labor time embodied in commodities. In other words, relative prices tend towards relative labor values. The LTV is restricted to the analysis of reproducible commodities that have a use value in a capitalist society. Although the LTV is commonly associated with Classical economics, arguably neither Marx nor any first tier Classical economist accepted the LTV as a valid theory for capitalist economies.
David Ricardo, one of the greatest Classical economists, and Karl Marx thought that their analyses had greater applicability than the special cases in which the LTV is valid as a theory of price. Marx seemed to think that abstract labor time is a common substance in all commodities, while denying that prices tended to be proportional to labor values.
American Journal of Sociology. 2002. Vol. 73. No. 5. P. 573-580.