labor theory of value

Definition of labor theory of value

: a theory of value holding that the quantity of labor in a product regulates its value and utilized by Marx to claim for labor the sole rightful claim to production

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First Known Use of labor theory of value

1888, in the meaning defined above

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The first known use of labor theory of value was in 1888

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Cite this Entry

“Labor theory of value.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/labor%20theory%20of%20value. Accessed 12 Jul. 2020.

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