Labor theory of value--help

Noah R. Zerbe nrz at dana.ucc.nau.edu
Tue Nov 21 14:00:27 MST 1995


According to Marx and his labor theory of value, the value of any product
is determined by the amount of labor necessary to produce that product.
The example he uses is Das Kapital (vol I) is a coat and fabric.  If a
coat is worth ten yards of fabric, then we know that ten times as much
labor is required to produce a coat.  The price paid for the coat does
not concern Marx, only its value in relation to other commodities is
important.

I'm just summarizing from memory--check out volume one of Kapital for
Marx's own words.  Also, I consider myself to be a self-taught marxist,
and I would yield to someone with a deeper knowledge on the subject.

Noah


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