The Studies Of Marx's Labor Theory Of Value

Marx's labor theory of value is an scientific theory established by Marx who based it on academic economics. We should keep it since it is basic theory of Marxist economics. Any negation of the theory will lead to the negation of the whole Marxist theory. The premise for keeping the theory is understanding it. Therefore, after looking back the history of labor theory of value, the article discusses three difficulties associated with understanding the theory. The first refers to the scope of application of the theory; The second involves the theory of dual nature of labor; The third involves transformation model. Then the article discusses three hot issues in the discussion of the theory. They are whether material labor can create value, the relation between serving and managing labor and value creating, and the relation between the theory and distribution by factors. Finally it points out that the theory is scientific from the point of logic, quality and quantity. Scientific theory is product of the time. As the time develops, the theory itself should develop too. Keeping and developing the theory is unified. Based on keeping the theory, we must develop the theory according to new practice. It can be showed in two points: 1. we should abate its role for revolution while strengthen its role for construction. 2. The theory should develop with the time of intellectual economy.