The value of a commodity is an economic category, which forms the basis for the completely different supplies and services may be charged in a particular quantitative relationship against each other. In the economic traffic, it is expressed in money, the price. The estimated value of a property - for example, by comparison orientation to objects - remains abstract. However, the term price is objective and concrete and is manifested only at the actual sale.
According to the classical labor theory of value, the value of a commodity is determined by the time devoted to their production work, which is measured in working hours. The more labor-intensive product, the higher therefore its value - provided with the applied work is socially necessary labor time, that is to say after the given level of productivity of a company to manufacture this product on average labor-time required. So Slower or generally ineffizienteres work does not increase the labor value.
In the Austrian school ( and, based also in the neo-classical ) based the value of a commodity on the subjective assessment of the benefits of a product by market participants, which ultimately determines the demand.
Theories that determine the value of a product or the size value ( wholly or mainly ) to the benefit for the buyer and an independent objectively existing value of goods dispute are referred to as subjective theories of value. In contrast, as an objective value theories such theories of value indicated, which - like the classical labor theory of value - say that the product has "in itself" a ( generated by the work expended ) value, regardless of the subjective evaluation, for example, on the demand of the buyers.
Similarly, there was the late 50s the discussion about whether economic goods have a ( fixed ) true value, or if the value would be subjective and here Wolfram Engels following depends on the decision field. You could use the true value as a precursor of the fair value of options see, with similar doubts about the objective validity ( purely stochastic predictability ) can be attached.
The value theory of Karl Marx is a different division of this special case dar. one hand, even after Marx, the " value of a product " is determined by the labor objectified in it ( abstract ) labor. On the other hand, the value so determined was a " mere ghostly abstraction ," which applies only to general goods production companies and make sense only in this, because the products of separately producing goods manufacturer eventually had to be distributed socially. Unlike say the representatives of the classical labor theory of value, is the " value " not the products objectively rightful property - this conception criticized Marx as commodity fetish. But the abstraction " value " put in a capitalist economy is a reality ( real abstraction ), which restructure the social actions of the people and dominate. The value thus represents, according to Marx, the basic category of capitalist societies represent, from which the other categories, such as money, profit, private property, classes, state derived etc..
Michael Heinrich referred approaches that see the value determined by both the subjective benefit and through the embodied work, as " subjective labor theory of value ".