Labor as Value: Classic and Contemporary Labor Money

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The history of labor cost theory is very ancient. People have long ago concluded that any product requires some time and work long ago. And, the more labor and time the product creation takes, the more valuable it is, and the higher is its cost.

Classical political economy, starting from its founder, Adam Smith, has made the theory of labor cost its foundation. Ricardian socialists, in their development of labor’s notion as a source of wealth, concluded that workers do not receive the entire product of their work, as a part of said product gets expropriated by capitalists in the form of revenue.

Such ideas became popular both in the Old and the New Worlds, which resulted in emergence of various ‘fair exchange’ projects focused on elimination of the aforementioned ‘disadvantage’ of capitalism.

Generally, all those projects

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