Labor Theory of Value answer

 
BY:Alvaro Rodriguez| June 6, 2017

The correct answer is (b).  This theory had many early independent originators, including Adam Smith when he wrote in the An Inquiry into the Nature and Causes of the Wealth of Nations that “The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it, himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command.”    Marx further developed refined this theory: “We see then that that which determines the magnitude of the value of any article is the amount of labour socially necessary, or the labour time socially necessary for its production.”

Leave a Comment

For democracy. For equality. For socialism. For a sustainable future and a world that puts people before profits. Join the Communist Party USA today.

Join Now

We are a political party of the working class, for the working class, with no corporate sponsors or billionaire backers. Join the generations of workers whose generosity and solidarity sustains the fight for justice.

Donate Now

CPUSA Mailbag

If you have any questions related to CPUSA, you can ask our experts
  • QHow does the CPUSA feel about the current American foreign...
  • AThanks for a great question, Conlan.  CPUSA stands for peace and international solidarity, and has a long history of involvement...
Read More
Ask a question
See all Answer