SHORT READING GUIDE · Labour Theory of Value
01 / The concept
In Marx’s theory, a commodity’s value is related to the socially necessary labour-time required to produce it. This differs from claiming that every market price equals the time taken by a particular individual.
02 / How to read
Distinguish use-value, value and price. Productivity and production conditions affect socially necessary labour-time. Working more slowly does not automatically create more value.
03 / Reading task
Open the source below. Note one main argument, one piece of evidence or example, and one unanswered question. This guide is original editorial writing, rather than a quotation or translation of the source text.
Original and further reading ↗
Discuss together
- Why can rising productivity reduce the labour-time needed to produce an item?
- What evidence could test the explanation offered in this reading?