Essentiality of Labor Theory of Value
The article debates on the importance of labor theory of value. It is a significant part of Marx’s economic theory, because his conclusions about the capitalist evolution and development are based on it. If this theory is erroneous, it also means that Marx’s system loses its completeness. First three sections illustrate the content and context of the labor theory. Next two sections describe the most important criticism of the labor theory. The following section offers hints of an alternative theory of pricing process. Last section explains why the capitalist pricing process cannot be successfully substituted for socialist planning. The article ends with conclusions.