Labor Theory of Value Analysis - Assignment Point
Labor Theory of Value Analysis
Subject: Economics | Topics:

Labor Theory of Value is an economic theory that stipulates that this value of a great or service is determined by the labor found in its production. The theory was first suggested by Adam Henderson (1723-1790), the inventor of modern economics, and was a vital concept in the particular philosophical ideals of Karl Marx. The labor theory of value suggests that goods which consider the same time frame to produce should cost a similar.

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