Labor theory of value

Karl Marx and Adam Smith are both economists with theories of capital accumulation. Karl Marx was a German doctor of Philosophy. Adam Smith who was a Scottish moral philosopher developed a similar theory. The theories differ in the way they perceive labor value. Smith’s theory has a clear argument on capital accumulation such as his explanation for unproductive/productive labor in comparison to Marx. Marx’s explanation of productive labor, critique of abstinence theory, exploitation, and the so-called labor fund is less effective. Adam Smith was considered to be the father of economics. He was a professor at the University of Glasgow. He was the author of a book, The Wealth of Nations, which made him a better-known economist. Smith presents…

The classical political economists shared, to a large extent, a version of an emerging social system. A social systems is the patterned series of interrelationships existing between individuals, groups, and institutions and forming a whole. Every classical political economist such as Adam Smith, Karl Marx, and David Ricardo expect the system to evolve in different characteristics of the system. Smith referred to this as the “society of perfect liberty” with characteristics of, regulation,…

Labor (Marx Vs. Reich) The way businesses and factories should be ran has been a debate since they started. Obviously, there are general ways work places should be ran or else business owners wouldn’t have workers. A main reason different countries run their businesses differently is how they run their country as a whole. A communist country is going to have different rules and procedures in a work place than a capitalist country. “One should add that labour is not the only source of material…

Previously it has been established by many philosophers that human intrinsic value should not be commodified, and that in some cases they are even resistant to commodification. Non-human intrinsic values do not seem to be allotted the same courtesy or respect. This could be because of the distinction previously discussed by Rolston, where non-human intrinsic values like nature, can not be considered the same way as human intrinsic values, meaning they are more susceptible to commodification.…

Value is a “dangerous word” because it can be and has been defined in many different ways. The current definition of value, according the Merriam-Webster, is “usefulness or importance.” Something that has importance or usefulness is related to a commodity with utility because a commodity doesn’t have value without utility. Value is a “dangerous word” according to Jevons because the term, value, can hold many underlying meanings that are not always supposed to be used. Three of these…

John Locke is a late seventeenth-century philosopher who wrote about the principles of property before America’s Industrial Revolution. Therefore, Locke’s aim was to justify the pre-industrial form of property. However, Locke’s popularity among the liberals transcends his theory beyond his own time, which consequently creates the theoretical basis of a new form of property that gains social character in the means of production in America. Contrary to Locke, who views property right as an…

right” and “hat every man should have as much as he could make use of” (Locke 12). John Locke wrote this with the intention of explaining how people do not need to excessively take from nature, because it would be wasteful to have that excessiveness rot due to such greed. Unfortunately, this proclaim of “land should not be wasted” was not very successful in encouraging men of that time to only take what was needed, but it instead encouraged them to find a way to hold everlasting value in what…

According to German sociologist Karl Marx, history was “a record of oppression and domination in which members of the upper classes were able to exploit those in the lower classes” (Farganis, 24). In his philosophical work, Marx brought an understanding of how to look at the economic, social and political power and its effects on society. Acknowledging that Marx’s theories have emerged during the French Revolution and that many historical events have occurred since then, the essay below will…

having its’ exchange value determined by how much labor and time was put into producing that certain object or desired item. The fetishism part of a commodity is defined as the habitual act of characterizing commodities with possessing qualities that are human-like or larger than life. Marx sees commodity fetishism as people defining themselves by the things they own. These commodities can include luxury cars, large houses, jewelry, etc. Karl Marx thought this idea of being defined by our…

belonging value within itself, while currency is given a set buying amount bestowed upon by the government. Although the creation of the U.S dollar had a redeemable amount of gold and silver for every amount of currency in circulation, this did not last. The creation of the Federal Reserve made way for the greatest illusion of capitalism known as of yet. “Money” is being created independently and being loaned out to the government in hopes of being paid back with interest. The illusion is when,…