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TERRA ECONOMICUS

RETHINKING MARX’S LABOR THEORY OF VALUE AND ITS SIGNIFICANCE

TERRA ECONOMICUS, , Vol. 16 (no. 2),

Marx’s labor theory of value is being formed and developed under certain historical conditions, it went through the process from questions to support and from support to positive innovation. This process is not only the process of Marx’s understanding of historical materialism, but also the combination of historical materialism and labor theory of value. Only by clarifying the scientific process of Marx’s labor theory of value and deepening the modern understanding of Marx’s labor theory of value can we really grasp the essence of the theory of labor value and grasp its great significance more comprehensively. The article reveals the formation of the theory of labor value in the works of Karl Marx, as well as estimates of the current value of the labor theory of value for finding solutions to the challenges of modern social and economic life. The author focuses on the following provisions, indicating the theoretical and practical significance of Marx’s labor theory of value: (1) it provides the theoretical basis for historical materialism; (2) it does not only have guiding significance for the liberation of working class, but also indicates that the working class will be the representative of advanced productive forces in the future; (3) it makes the socialism from dream to science, and lays the theoretical basis for the scientific socialism. The author also identifies the following directions for deepening the Marx’s labor theory of value, necessary for its development in the 21st century: definition of productive labor and non-productive labor; the role of scientific and technological personnel and management personnel in social production and value creation; the understanding of the relationship between value creation and value distribution.


Keywords: Marx; labor theory of value; formation and development of theory; productive labor and non-productive labor; contemporary significance of the labor theory of value

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Publisher: Southern Federal University
Founder: Southern Federal University
ISSN: 2073-6606