The Develop Of Labor Theory Of Value

The labor theory of value was not something that just popped up out of nowhere. Where did it originate? How is it viewed today?

Scholars have tried to find the first writer on the subject of labor theory, but most have concluded that it is simply something that has existed for as long as one person has worked for another. The earliest writings to be found, namely written by St. Thomas Aquinas and Ibn Khaldun, talk of the value of something being increased by the amount of labor put into it and that labor is a necessary value of capital amassing. In ancient times, up through the middle ages to the dawn of the modern age, a man’s labor was valued at his skill set, the amount of time he put into the project, the usage of resources, and the finished results. The more advanced skills a person had the better wage he o she would earn for their work. This was how labor was valued, and it is from this mindset that the labor theory developed.

Entering the modern age the labor theory dropped from its original outlook. Perhaps this was due to the communist Marx’ influence, but further study on that would be required. Labor was turned from being valued by skills to how many hours one would work a day. Enforced minimal wages were set for every type of working establishment, and the wage could be raised due to an employee having worked in the business for several years or having risen above and beyond what was asked of him or her. However, even these changes to the thinking of labor’s value could not pacify everyone. There have been more work strikes globally in the modern age than in any age previously, all the workers clamoring for more money whether or not their type of job deserves a larger lay raise or if the company can afford it. For example, those in the military, who are charged with the protection of their country, earn less than those working in fast food restaurants or factories, and yet it is the high school half-a-day workers who want a larger pay raise. Today’s view is to make money as fast as possible, with little regard as to how much the value of the work would actually be.

To conclude, the development of the labor theory of value has been twisted from its original beginning. Rather than being a summary of what was already happening, the theory was changed to better suit certain peoples’ needs. True value for personal skills is lost in this technological world and even though a man could have graduated with high honors from Harvard he may be flipping hamburgers the rest of his life due to lack of experience.