Explain the difference between the labor theory of property and labor theory of value.

According to the labor theory of property, ownership is determined by the labor invested in natural resources. In other words, an individual owns an object when it results from efforts put into it. In contrast, the labor theory of value posits that the value of an object is determined by approximating the amount of labor necessary to produce it. This means that the actual amount of labor invested into a specific product is irrelevant.

Answer by Academic.tip's expert
An answer to this question is provided by one of our experts who specializes in social studies. Let us know how much you liked it and give it a rating.

Cite this page

Select a citation style:

References

Academic.Tips. (2021) 'Explain the difference between the labor theory of property and labor theory of value'. 2 June.

Reference

Academic.Tips. (2021, June 2). Explain the difference between the labor theory of property and labor theory of value. https://academic.tips/question/explain-the-difference-between-the-labor-theory-of-property-and-labor-theory-of-value/

References

Academic.Tips. 2021. "Explain the difference between the labor theory of property and labor theory of value." June 2, 2021. https://academic.tips/question/explain-the-difference-between-the-labor-theory-of-property-and-labor-theory-of-value/.

1. Academic.Tips. "Explain the difference between the labor theory of property and labor theory of value." June 2, 2021. https://academic.tips/question/explain-the-difference-between-the-labor-theory-of-property-and-labor-theory-of-value/.


Bibliography


Academic.Tips. "Explain the difference between the labor theory of property and labor theory of value." June 2, 2021. https://academic.tips/question/explain-the-difference-between-the-labor-theory-of-property-and-labor-theory-of-value/.

Work Cited

"Explain the difference between the labor theory of property and labor theory of value." Academic.Tips, 2 June 2021, academic.tips/question/explain-the-difference-between-the-labor-theory-of-property-and-labor-theory-of-value/.

Copy