Date: Tue, 21 Nov 1995 14:00:27 -0700 (MST)
From: "Noah R. Zerbe" <nrz-AT-dana.ucc.nau.edu>
Subject: Re: Labor theory of value--help


According to Marx and his labor theory of value, the value of any product 
is determined by the amount of labor necessary to produce that product.  
The example he uses is Das Kapital (vol I) is a coat and fabric.  If a 
coat is worth ten yards of fabric, then we know that ten times as much 
labor is required to produce a coat.  The price paid for the coat does 
not concern Marx, only its value in relation to other commodities is 
important.

I'm just summarizing from memory--check out volume one of Kapital for 
Marx's own words.  Also, I consider myself to be a self-taught marxist, 
and I would yield to someone with a deeper knowledge on the subject.

Noah


     --- from list marxism-AT-lists.village.virginia.edu ---

     ------------------