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Labor theory of value
The labor theory of value (LTV) is a term given to different accounts of value by various economists with the common element that the "value" of an exchangeable good or service is equal or proportional to the amount of labor required to produce it, including the labor required to produce the raw materials and machinery used in the process. The labor theory of value prevailed among classical economists through the mid-19th century with its most developed form appearing in Marxian economics; but among modern mainstream economists it is considered superseded by the theory of marginal utility.
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