Labor theory of value and Labour power

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Difference between Labor theory of value and Labour power

Labor theory of value vs. Labour power

The labor theory of value (LTV) is a 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 (demand) and its scarcity value (supply). Labour power (in German: Arbeitskraft; in French: force de travail) is a key concept used by Karl Marx in his critique of capitalist political economy.

Abstract labour and concrete labour

Abstract labour and concrete labour refer to a distinction made by Karl Marx in his critique of political economy.

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Adam Smith

Adam Smith (16 June 1723 NS (5 June 1723 OS) – 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment era.

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Capitalism

Capitalism is an economic system based upon private ownership of the means of production and their operation for profit.

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Das Kapital

Das Kapital, also known as Capital.

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David Ricardo

David Ricardo (18 April 1772 – 11 September 1823) was a British political economist, one of the most influential of the classical economists along with Thomas Malthus, Adam Smith and James Mill.

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Exploitation of labour

Exploitation of labour is the act of treating one's workers unfairly for one's own benefit.

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Karl Marx

Karl MarxThe name "Karl Heinrich Marx", used in various lexicons, is based on an error.

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Labour economics

Labour economics seeks to understand the functioning and dynamics of the markets for wage labour.

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Marxian economics

Marxian economics, or the Marxian school of economics, refers to a school of economic thought tracing its foundations to the critique of classical political economy first expounded upon by Karl Marx and Friedrich Engels.

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Means of production

In economics and sociology, the means of production (also called capital goods) are physical non-human and non-financial inputs used in the production of economic value.

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Neoclassical economics

Neoclassical economics is an approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand.

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Productive and unproductive labour

Productive and unproductive labour are concepts that were used in classical political economy mainly in the 18th and 19th centuries, which survive today to some extent in modern management discussions, economic sociology and Marxist or Marxian economic analysis.

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Surplus labour

Surplus labour (German: Mehrarbeit) is a concept used by Karl Marx in his critique of political economy.

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Surplus product

Surplus product (German: Mehrprodukt) is an economic concept explicitly theorised by Karl Marx in his critique of political economy.

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Surplus value

Surplus value is a central concept in Karl Marx's critique of political economy.

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The American Economic Review

The American Economic Review is a peer-reviewed academic journal of economics.

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Use value

Use value (German: Gebrauchswert) or value in use is the utility of consuming a good—the want-satisfying power of a good or service in classical political economy.

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