Review And Consideration Of The Labor Theory Of Value

Marx's labor theory of value is a key content of economics of Marxism, which have a far-reaching impact on human history. Modern economy has changed enormously compared with Marx's time, has labor theory of value been already out of date? This paper regards three queries about Capital as the starting point of the examination to labor theory of value. Firstly, this paper reviews the forming process of labor theory of value, form which we can conclude that labor theory of value produced with the social productivity development at that timing. Then we list three queries about labor theory of value in Capital, that is, the definition of good, the applicability of the social necessary labor time and the explanation of labor's value. This paper discusses Marx's view of these queries, then makes brief appraisal through reviewing and analyzing relevant literatures. With the development of economic theory, some new theory of value attempts to deny the labor theory of value, three typical views have been investigated in this paper, that is, value is from knowledge, from materialized works and from service.After above analysis, some main conclusions are: First, when Marx investigated the economic phenomenon, it is rational to neglect some economic phenomena at that time. Second, three queries that we put forward can belong to one question, the social necessary labor time is only suitable to explain the value of items that is possible to be produced a lot, it can not explain the value of the goods that is not able to be duplicated in a large number. Third, the new value theory attempting to deny Marx's labor theory of value has not solved the most central defect of labor theory of value, which is mentioned in the second point. The only way to make more complete explanation to the current economic phenomenon is to find the subjective measure of value, and this is also the correct route to inherit and develop Marx's labor theory of value.