GRIN Verlag What is wrong with the Labour Theory of Value? How value is really created

Polemic Paper from the year 2020 in the subject Politics - Topic: Globalization, Political Economics, , language: English, abstract: This article is intended to introduce new ideas into the discussion of the Marxist Labour Theory of Value and of value theory as a whole. The author demonstrates that the classical interpretation of the Marxist theory of value is flawed because it describes an idealized concept of value. The author shows a way of comprehending value as a real social relationship. In so doing, he shows that the value is not only related to the products of human labour. The concept of value obtained in this way can be used for all goods and activities subject to exchange.