Noun
labour theory of value (uncountable)
(economics, political science) UK standard spelling of labor theory of value.
If a 19th century capitalist Machiavelli had wished to cripple the socialist intelligentsia of the 20th century, he could have invented no more cogent weapon than the labour theory of value. Yet this theory was the invention, not of a defender of capitalism, but of its greatest critic: Karl Marx. Steve Keen