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Labor Theory of Value: One of Karl Marx’s Most Contested Ideas
Manage episode 480726522 series 2579897
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The best-known advocates of the labor theory were Adam Smith, David Ricardo, and Karl Marx. Since the 19th century, the labor theory of value has fallen out of favor among most mainstream economists. In definition, the labor theory of value (LTV) was an early attempt by economists to explain why goods were exchanged for certain relative prices on the market. It suggested that the value of a commodity was determined by and could be measured objectively by the average number of labor hours necessary to produce it. In the labor theory of value, the amount of labor that goes into producing an economic good is the source of that good's value. Dr Mbuyiseni Ndlozi was joined by Prof Patrick Bond, Department of Sociology, University of Johannesburg and Mametlwe Sebei, President of The General Industries Workers Union of South Africa (GIWUSA).
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Manage episode 480726522 series 2579897
Content provided by Laila Maijet. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Laila Maijet or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.
The best-known advocates of the labor theory were Adam Smith, David Ricardo, and Karl Marx. Since the 19th century, the labor theory of value has fallen out of favor among most mainstream economists. In definition, the labor theory of value (LTV) was an early attempt by economists to explain why goods were exchanged for certain relative prices on the market. It suggested that the value of a commodity was determined by and could be measured objectively by the average number of labor hours necessary to produce it. In the labor theory of value, the amount of labor that goes into producing an economic good is the source of that good's value. Dr Mbuyiseni Ndlozi was joined by Prof Patrick Bond, Department of Sociology, University of Johannesburg and Mametlwe Sebei, President of The General Industries Workers Union of South Africa (GIWUSA).
See omnystudio.com/listener for privacy information.
351 episodes
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America is divided, and it always has been. We're going back to the moment when that split turned into war. This is Uncivil: Gimlet Media's new history podcast, hosted by journalists Jack Hitt and Chenjerai Kumanyika. We ransack the official version of the Civil War, and take on the history you grew up with. We bring you untold stories about covert operations, corruption, resistance, mutiny, counterfeiting, antebellum drones, and so much more. And we connect these forgotten struggles to the ...
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