Concept
Cost the limit of price
Related concepts (4)
Exploitation of labour
Exploitation is a concept defined as, in its broadest sense, one agent taking unfair advantage of another agent. When applying this to labour (or labor) it denotes an unjust social relationship based on an asymmetry of power or unequal exchange of value between workers and their employers. When speaking about exploitation, there is a direct affiliation with consumption in social theory and traditionally this would label exploitation as unfairly taking advantage of another person because of their vulnerable position, giving the exploiter the power.
Labor theory of value
The labor theory of value (LTV) is a theory of value that argues that the economic value of a good or service is determined by the total amount of "socially necessary labor" required to produce it. The LTV is usually associated with Marxian economics, although it originally appeared in the theories of earlier classical economists such as Adam Smith and David Ricardo, and later in anarchist economics. Smith saw the price of a commodity in terms of the labor that the purchaser must expend to buy it, which embodies the concept of how much labor a commodity, a tool for example, can save the purchaser.
Anarchist economics
Anarchist economics is the set of theories and practices of economic activity within the political philosophy of anarchism. Many anarchists are anti-authoritarian anti-capitalists, with anarchism usually referred to as a form of libertarian socialism, i.e. a stateless system of socialism. Anarchists support personal property (defined in terms of possession and use, i.e. mutualist usufruct) and oppose capital concentration, interest, monopoly, private ownership of productive property such as the means of production (capital, land and the means of labor), profit, rent, usury and wage slavery which are viewed as inherent to capitalism.
Mutualism (economic theory)
Mutualism is an anarchist school of thought and economic theory that advocates a socialist society based on free markets and usufructs, i.e. occupation and use property norms. One implementation of this system involves the establishment of a mutual-credit bank that would lend to producers at a minimal interest rate, just high enough to cover administration. Mutualism is based on a version of the labor theory of value that it uses as its basis for determining economic value.