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Labor theory of value
The
labor theory of value
(
LTV
) is a
heterodox economic
theory of value
that argues that the
economic value
of a good or service is determined by the total amount of socially necessary labor required to produce it, rather than by the use or pleasure its owner gets from it. At present this concept is usually associated with
Marxian economics
, although it is also used in the theories of earlier
classical economists
such as
Adam Smith
and
David Ricardo
and later also in
anarchist economics
.
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