Post
Topic
Board Economics
Re: The Labor Theory of Money w/ regards to Microeconomics...
by
teamdren
on 19/06/2011, 17:24:31 UTC
Also, in case anybody is still wondering what this has with the Labor Theory of Value, I'll clarify.

My understanding, though brief, of the labor theory of value is that value is created based upon how much work goes into it. 

The thesis of this article, which I should modify to state upfront, is this:  The labor theory of value is correct inasmuch as the amount of labor it takes to create a unit of a good affects the supply curve; a good which takes more labor to create will have a steeper supply curve than a good that takes less labor to create.