Labor theory of value

[Galatian 6:2]

Can someone please explain it to me and what its implications are. And if you believe in it. That would help a buch, thanks.

[SonofRage]

You can start by reading this: http://en.wikipedia.org/wiki/Labor_theory_of_value

[Galatian 6:2]

Thanks

[ComradeRed]

Bear in mind that value is not the same as price! If you want the labor theory of price, look at David Ricardo's theory.

Yes, I "believe in it".

And here is some further reading on the subject: Wage Labor & Capital, (http://marxists.org/archive/marx/works/1847/wage-labour/index.htm) Value, Price and Profit (http://marxists.org/archive/marx/works/1865/value-price-profit/index.htm). That sums it up. If you want to read more, read Das Kapital.