Examples of using Theory of value in English and their translations into Hebrew
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Position on the labor theory of value.
Their theory of value was defective, and forced them to restrict the scope of their science.
So they had a labor theory of value.
The modern theory of value widens the scientific horizon and enlarges the field of economic studies….
However this is not Marx's theory of value at all.
The modern theory of value widens the scientific horizon and enlarges the field of economic studies.
They have no interest in the subjective theory of value.
This replaced the labor theory of value by a system of supply and demand.
This position can be seen as a labour theory of value.
This is the opposite of the labor theory of value maintained by classical economists such as Adam Smith and David Ricardo.
A central part of Marx'scritique of political economy is the“labor theory of value.”.
Marx took up the labour theory of value from Ricardo.
The explanation of all economic activity that takes place in themarket economy ultimately rests on the subjective theory of value.
And the Austrian answer attempted to rebut the labor theory of value as well as the so-called"iron law of wages.".
This was the opposite of the order which classical economists such as Adam Smith andDavid Ricardo maintained(see Labor theory of value).
Buffett, who has achieved a 20.9% annualized gain from 1964 to 2017,practices the theory of“value investing” that was taught to him by Graham.
The theory of value is closely related to that of allocative efficiency, the quality by which firms produce those goods and services most valued by society.
It may appear that the concept of exchange value introduces a departure from the subjective theory of value, yet this is not the case.
The labor theory of value holds that the worth of a given object exists only because of the work that somebody has exerted to set it into its current state or form.
In classical economics, the value of an object or condition is the amount of discomfort/labor saved through the consumption or use of an object orcondition(Labor Theory of Value).
For a long time men failed to realize that thetransition from the classical theory of value to the subjective theory of value was much more than the substitution of a more satisfactory theory of market exchange for a less satisfactory one.
In his book More Heat than Light, Mirowski reveals a history of how physics has drawn inspiration from economics and how economics has sought to emulate physics,especially with regard to the theory of value.
As to the theory of value, it need only be said that apart from the vaguest of hints and sighs, à la Böhm-Bawerk, the revisionists have contributed absolutely nothing, and have therefore left no traces whatever on the development of scientific thought.
The pioneering economists of the 1870s and 80s did engage with questions regarding psychological states, as it was in the subjective experience of happiness that they placed their concept of value, in contrast to the labour theory of value of classical political economy.
By most interpretations of his labor theory of value, Marx, like Ricardo, developed a"labor theory of price" where the point of analyzing value was to allow the calculation of relative prices.
For a long timemen failed to realize that the transition from the classical theory of value to the subjective theory of value was much more than the substitution of a more satisfactory theory of market exchange for a less satisfactory one.
The theory of value is closely related to that of allocative efficiency, the quality by which firms produce those goods and services most valued by society. The market value of a machine part, for example, will depend upon a variety of objective facts involving its efficiency versus the efficiency of other types of part or other types of machine to make the kind of products that consumers will value in turn. In such a case, market value has both objective and subjective components.
The labor theories of value(LTV) are heterodox economic theories of value that argue the value of a commodity is only related to the labor needed to produce or obtain that commodity and not to other factors of production(except as those elements can be regarded as embodied labour.).