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<blockquote class="definition">Labour Value is the time value of the labour that goes into the creation of products and the provision of services. If it takes you one hour to bake a loaf of bread, then the Labour Value of that bread is one hour of your time.<ref>''Money Moksha''. Canada: LP Studios, 2017. <nowiki>https://youtu.be/Ir0R7yAFiO8</nowiki>.</ref>
<blockquote class="definition">
'''Labour Value''' refers to the intrinsic value of labor time expended in the creation of goods and services. If it takes one hour to bake a loaf of bread, then the Labour Value of that bread is one hour of productive human time. This concept lies at the heart of classical political economy and is foundational to critiques of capitalist accumulation, where workers receive less than the full value of their labor.<ref>''Money Moksha''. Canada: LP Studios, 2017. https://youtu.be/Ir0R7yAFiO8</ref>
</blockquote>
</blockquote>


==Related LP Terms==  
<glossary>Labour Value refers to the amount of human labor time embodied in a good or service, serving as a foundational measure of economic worth in classical and Marxian political economy.</glossary>
 
==Concept Map==
 
===Key Terms===
 
[[Regime of Accumulation]] > {{#ask:[[Is a key term::Regime of Accumulation]]|format=ul}}
 
[[Labour Value]] > {{#ask:[[Is a key term::Labour Value]]|format=ul}}
 
===Related LP Terms===


[[Labour Value]] > {{#ask:[[Is a related LP term::Labour Value]]}}
[[Labour Value]] > {{#ask:[[Is a related LP term::Labour Value]]}}


==Non-LP Related Terms==
===Non-LP Related Terms===


[[Labour Value]] > {{#ask:[[Is a related term::Labour Value]]}}
[[Labour Value]] > {{#ask:[[Is a related term::Labour Value]]}}
==Why This Matters==
The concept of Labour Value is essential to understanding economic exploitation under capitalist regimes. In capitalist systems, the [[Accumulating Class]] captures surplus value—i.e., the difference between the labour performed and the wage paid—thus creating systemic inequality. Recognizing Labour Value as the basis for exchange illuminates how wealth is extracted and accumulated at scale, often invisibly.
==See Also==
* [[Surplus Value]]
* [[Wage Labour]]
* [[Mode of Accumulation]]
* [[Exchange Value]]
* [[Commodification]]
* [[Exploitation]]


==Notes==
==Notes==


The video [https://youtu.be/Ir0R7yAFiO8 Money Moksha] breaks it down in a grounded, easy to understand/teach manner.  
* The video [https://youtu.be/Ir0R7yAFiO8 Money Moksha] offers a grounded explanation of Labour Value and how its appropriation underpins capitalist accumulation.
* The term originates in classical economics but is central to Marxian critique.
* See also: [[Surplus Value]], [[Wage Labour]], [[Mode of Accumulation]].


Adam Smith, "father of Capitalism," discusses the labour theory of value in his seminal book, ''The Wealth of Nations''<ref>Smith, Adam. The Wealth of Nations - An Inquiry into the Nature and Causes of the Wealth of Nations. Bantam Classics, 2003.</ref>
==Quotes==


A few quotes from the book
<blockquote>
"Money contains the value of a certain quantity of labour which we exchange for what is supposed at the time to contain the value of an equal quantity..." — Adam Smith, ''The Wealth of Nations''
</blockquote>


<blockquote>
<blockquote>
Money contains "The value of a certain quantity of labour which we exchange for what is supposed at the time to contain the value of an equal quantity..." Adam Smith, The Wealth of Nations
"The value of any commodity... is equal to the quantity of labor which it enables him to purchase or command. Labor, therefore, is the real measure of the exchangeable value of all commodities." — Adam Smith, ''The Wealth of Nations''
</blockquote>


"The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labor which it enables him to purchase or command. Labor, therefore, is the real measure of the exchangeable value of all commodities." Adam Smith - The Wealth of Nations
<blockquote>
"Labor alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared." — Adam Smith, ''The Wealth of Nations''
</blockquote>


"Labor alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared. It is their real price; money is their nominal price." Adam Smith - the Wealth of Nations
<blockquote>
"All wealth is the product of labor." — John Locke
</blockquote>
</blockquote>


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[[category:terms]]
[[Is a related term::Regime of Accumulation| ]]
[[Is a key term::Regime of Accumulation]]
[[Is a related term::Accumulation| ]]
[[Is a key term::Labour Value]]
[[Is a related term::Labour Value| ]]
[[Is a related term::Accumulation]]

Revision as of 13:09, 19 April 2025

Labour Value

Labour Value refers to the intrinsic value of labor time expended in the creation of goods and services. If it takes one hour to bake a loaf of bread, then the Labour Value of that bread is one hour of productive human time. This concept lies at the heart of classical political economy and is foundational to critiques of capitalist accumulation, where workers receive less than the full value of their labor.[1]

<glossary>Labour Value refers to the amount of human labor time embodied in a good or service, serving as a foundational measure of economic worth in classical and Marxian political economy.</glossary>

Concept Map

Key Terms

Regime of Accumulation >

Labour Value >

Related LP Terms

Labour Value >

Non-LP Related Terms

Labour Value > Surplus Value

Why This Matters

The concept of Labour Value is essential to understanding economic exploitation under capitalist regimes. In capitalist systems, the Accumulating Class captures surplus value—i.e., the difference between the labour performed and the wage paid—thus creating systemic inequality. Recognizing Labour Value as the basis for exchange illuminates how wealth is extracted and accumulated at scale, often invisibly.

See Also

Notes

Quotes

"Money contains the value of a certain quantity of labour which we exchange for what is supposed at the time to contain the value of an equal quantity..." — Adam Smith, The Wealth of Nations

"The value of any commodity... is equal to the quantity of labor which it enables him to purchase or command. Labor, therefore, is the real measure of the exchangeable value of all commodities." — Adam Smith, The Wealth of Nations

"Labor alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared." — Adam Smith, The Wealth of Nations

"All wealth is the product of labor." — John Locke

Citation and Legal

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Footnotes

  1. ↑ Money Moksha. Canada: LP Studios, 2017. https://youtu.be/Ir0R7yAFiO8

Regime of Accumulation Labour Value Accumulation

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