History of the United States I / Unit 9 USH1 1216 short lesson, about 20 seconds
The Labour Theory of Value
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The idea
The labour theory of value held that the value of a product should accurately reflect the labour needed to produce it.
In practice
Profits distributed to workers in proportion to their contribution rather than concentrated among owners.
Where people slip
This is an argument from within the market, not against it. It concerns who gets the surplus, not whether there should be one.
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