Value Creation And Value Distribution--Value Theory Of Labor, Its Development And Application

The scientific hypothesis of Value Theory of Labor embodies its science nature in Maxim Economics, and it implies that labor is the only source of value, which relates productive forces to relations of production and value creation to value distribution and tallies with the feature of subject in human society. That Marxism Economics measures the magnitude of value by the standards of the social necessary labor time also embodies its science nature. We can deduce the relations of social and individual productive forces with the magnitude of value from that of the social necessary labor time with the magnitude of value, which integrates value creation with value distribution. The limitation of this theory lies in that it only can explain the relations of labor products' value and prices. Marx examined the unity of value creation and value distribution from the sectors of material production in capitalism society, which doesn't suit the changed conditions in the socialist initial stage. The forms of value-created labor and value distribution are diversified in this stage. There are theoretical basis on value distribution according to the contribution of production factors such as labor, capital, technology, and management. These production factors gain appropriate payment in accordance with their propriety rights, which ought not to be regarded as exploitation. We must encourage and support them to participate in value creation and value distribution energetically at present.