Labor Theory of Value

This labor theory of value is a heterodox economic principle of value that argues the economic value of a good or service relies on the total level of socially necessary labor needed to produce it, as an alternative to by the use or pleasure the owner gets as a result. At present this concept is associated with Marxian economics, although it is usually used in the theories of earlier classical economists such as Adam Smith in addition to David Ricardo in addition to anarchist economics. It’s not necessarily accepted by contemporary mainstream economists.