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labor theory of value  

Definition

  • The labor theory of value has long been one of the central pillars of political economy, particularly Marxism. Contrary to popular opinion, Karl Marx did not invent this notion—it was also used by Adam Smith and David Ricardo—but he gave it its most famous and thorough exposition. [Source: Encyclopedia of Human Geography; Labor Theory of Value]

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https://concepts.sagepub.com/social-science/concept/labor_theory_of_value

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