New Understanding of Labor Theory of Value

Author: Jin Yimin
Publisher:
Publish Date: 2007-01-01
Features: Starting from the connotation of value, the author conducts an in-depth study of the labor theory of value. By interpreting the discussions on labor value in Capital one by one, the author proposes that the connotation of value only has two possibilities: First, value is the average labor consumption; Second, value is a labor output created through the expenditure of labor consumption. Through argumentation, the author firmly affirms the first connotation while negating the second. With a clear and explicit understanding of the connotation of value, the author conducts an in-depth study of a series of hot issues in the labor theory of value, such as production price, value transformation, the determination of commodity prices, and the basis of monetary value. The author has derived many new viewpoints and formed a new theoretical system. In the past, there has been extensive debate on the labor theory of value, one of the root causes being the lack of uniform understanding of the connotation of value. The author's advocacy for the study of the connotation of value undoubtedly points in the right direction and will undoubtedly advance the research and understanding of the labor theory of value.