Page "Labor theory of value" Paragraph 0

The labor theories of value ( LTV ) are heterodox economic theories of value which argue that the value of a commodity is related to the labor needed to produce or obtain that commodity.

Presently the concept is most often associated with Marxian economics, although it appears as a foundation to earlier classical economic theorists such as Adam Smith and David Ricardo.

However, Karl Marx never used the phrase " labor theory of value " to describe his theory of value, but instead made reference to a law of value, which is not to be confused with the classical economics concept of labor theory of price.