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Page "Labor theory of value" ¶ 21
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value and commodity
Until modern times, precious metals such as gold or silver typically were used to retain the commodity nature of the store of value function of money.
However, because fiat money is backed by government guarantee of a certain amount of goods and services, where the value of this is in turn determined by free market currency exchange rates, similar to the case for the international market exchange values which determines the value of metals which back commodity money, in practice there is very little economic difference between the two types of money ( types of currencies ).
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.
When speaking in terms of a labor theory of value, value, without any qualifying adjective should theoretically refer to the amount of labor necessary to the production of a marketable commodity, including the labor necessary to the development of any real capital employed in the production.
The labor theory of value, as presented by Adam Smith, however, did not require the quantification of all past labor, nor did it deal with the labor needed to create the tools ( capital ) that might be employed in the production of a commodity.
The Smith theory of value was very similar to the later utility theories in that Smith proclaimed that a commodity was worth whatever labor it would command in others ( value in trade ) or whatever labor it would " save " the self ( value in use ), or both.
Smith's theory of price ( which for many is the same as value ) has nothing to do with the past labor spent in the production of a commodity.
The value of any commodity, ... 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 defined the value of the commodity by the third definition.
In his terms, value is the ' socially necessary abstract labor ' embodied in a commodity.
So though workers may labor with greater skill or more productivity than others, these more skillful and more productive workers will thus produce more value through the production of greater quantities of the finished commodity: each unit still bearing the same value as all the others of the same class of commodity.
LTV does not deny the role of supply and demand influencing price since the price of a commodity is something other than its value.

value and increases
The total value of our industry's shipments, at factory prices, increased from $9.2 billion in 1959 to approximately $10.1 billion as a result of increases in all of the major segments of our business -- home entertainment, military, industrial, and replacement.
In many instances, high-end fashion jewelry has achieved a " collectible " status, and increases in value over time.
The reason for this last requirement is that the cost of hashing-based methods goes up sharply as the number of collisions — pairs of inputs that are mapped to the same hash valueincreases.
The Hall parameter value increases with the magnetic field strength.
The value of an investment in a hedge fund is calculated as a share of the fund's net asset value, meaning that increases and decreases in the value of the fund's investment assets ( and fund expenses ) are directly reflected in the amount an investor can later withdraw.
A hedge fund typically pays its investment manager a management fee, which is a percentage of the assets of the fund, and a performance fee if the fund's net asset value increases during the year.
Density of ice increases slightly with decreasing temperature and has a value of 0. 9340 g / cm³ at − 180 ° C ( 93 K ).
* Diversity index – a quantitative measure that increases when the number of types into which a set of entities has been classified increases, and obtains its maximum value for a given number of types when all types are represented by the same number of entities
Part of what the LTV means by " socially necessary " is that the value only increases in proportion to this labor as it is performed with average skill and average productivity.
* Two-sided network effects: An increase in usage by one set of users increases the value to and participation of a complementary and distinct set of users, and vice versa.
* Indirect network effects: Increases in usage of one product or network spawn increases in the value of a complementary product or network, which can in turn increase the value of the original.
The graph of a non-constant ( univariate ) polynomial always tends to infinity when the variable increases indefinitely ( in absolute value ).
* Progressive jackpot, a jackpot where the value increases for every game played
These attributes are changed by performing actions related to the skill ; climbing a tree eventually increases the skill value in climb, running increases vitality, and so on.
Also, the value of real property taking the form of man-made structures and machinery increases relative to the value of land alone.
One moves faster if the rate of rotation increases ( a larger value for ω ), and one also moves faster if movement farther from the axis occurs ( a larger value for r ).
In exothermic reactions, increase in temperature decreases the equilibrium constant, K, whereas, in endothermic reactions, increase in temperature increases the K value.

value and proportion
However the carcass value of double-muscled animals may be enhanced due to increased dressing yield, lean carcass content, and upgrading of some cuts leading to a higher proportion of higher valued cuts.
Again, on average the worker can transfer no more than the value of these means of labor previously possessed to the finished cup of coffee So the value of coffee produced in a day equals the sum of both the value of the means of labor — this constant capital — and the value newly added by the worker in proportion to the duration and intensity of their work.
The problem with transformation is to find an algorithm where the magnitude of value added by labor, in proportion to its duration and intensity, is sufficiently accounted for after this value is distributed through prices that reflect an equal rate of return on capital advanced.
Of all the metallic alloys in use today, the alloys of iron ( steel, stainless steel, cast iron, tool steel, alloy steel ) make up the largest proportion both by quantity and commercial value.
Of all the metallic alloys in use today, the alloys of iron ( steel, stainless steel, cast iron, tool steel, alloy steels ) make up the largest proportion both by quantity and commercial value.
Nor were manors held necessarily by lay lords rendering military service ( or again, cash in lieu ) to their superior: a substantial share ( estimated by value at 17 % in England in 1086 ) belonged directly to the king, and a greater proportion ( rather more than a quarter ) were held by bishoprics and monasteries.
The measurements will exhibit different values of k, and if the sample behaves according to Poisson statistics, then each value of k will come up in a proportion given by the probability mass function above.
Things have a relative value in proportion to how they aid the natural instinct for self-preservation.
They distribute their dividends in proportion to their members ' activity, instead of the value of members ' shareholding.
The focal length value is not required when comparing two lenses of the same focal length ; a value of 1 can be used instead, and the other factors can be dropped as well, leaving area proportion to the reciprocal square of the f-number N.
That same year, national insurance benefits were increased by 13 %, which brought pensions as a proportion of average earnings “ up to a value equivalent to the previous high, which was reached in 1965 as a result of Labour legislation .” In order to maintain the real value of these benefits in the long term, the government introduced legislation which linked future increases in pensions to higher incomes or wages.
The experiments demonstrated that anti-lock brakes can be of great value to motorcycles, for which skidding is involved in a high proportion of accidents.
So the value of a GFN increases exponentially, in proportion to 2 < sup > n </ sup >.
Once the data have been gathered, a proportion known as the " relative value " is calculated for each question separately.
By the Middle Ages it came to be a tradition to evade the inequality between daughters and sons via a legal fiction, in which the father claims that he is indebted to his daughter for a certain sum of money, and that this debt is due by him and his heirs, and then makes a formal agreement that this debt is to be paid upon his death, either in cash or as a proportion of his estate equal to half the share of one of the sons ; by this legal mechanism, the daughter would either gain a share in her father's estate, or a sum of money equal to its value.
Often this is either a single unit ( a one-value or the smallest value in play ) or some other small amount ; a proportion such as a half or a quarter of the minimum bet is also common.
For instance, the coefficient of thermal expansion of a certain brass alloy, α = 18. 7 ppm /° C, may be expressed as 18. 7 ( µm / m )/° C, or as 18. 7 ( µin / in )/° C ; the numeric value representing a relative proportion does not change with the adoption of a different unit of measure .< ref > In the particular case of coefficient of thermal expansion, the change to inches ( one of the U. S. customary units ) is typically also accompanied by a change to degrees Fahrenheit.

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