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Labor theory of value: Revision history

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11 May 2024

10 May 2024

  • curprev 09:3309:33, 10 May 2024‎ KetchupSalt talk contribs‎ 72,526 bytes −55‎ The old wording is more straightforward. Also "competent and productive workers considerably increase the overall value of the workforce" is wrong. If anything the opposite is true - more productive workers producing means of subsistence ''lower'' the value of labour power. The wording "just and equitable" seems to imply the LTV makes moral judgements, which it doesn't. undo Tag: Manual revert

14 April 2024

  • curprev 20:1620:16, 14 April 2024‎ Alexq17 talk contribs‎ m 72,581 bytes +538‎ The foundation of classical economic theory, the Labor Theory of Value (LTV), holds that the average time and effort required to create a good or service has a significant impact on its intrinsic value. Essentially, "socially necessary" in LTV means that, if a commodity is produced with an average level of productivity and competence, its value will increase in direct proportion to the labor input. According to this hypothesis, competent and productive workers considerably increase the overall v undo Tags: Reverted Visual edit
  • curprev 05:3205:32, 14 April 2024‎ Alexq17 talk contribs‎ m 72,043 bytes −483‎ The value of a commodity increases in direct proportion to the average time and effort needed to create it. According to the LTV, "socially necessary" means that the value only increases proportionately to the labor, as long as the labor is performed with average skill and productivity. Because they produce more of the finished good, skilled and productive workers add greater value to the workforce even though they may be less productive or talented than others. Every unit in the same class of c Tags: Reverted Visual edit
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