Marxist labour theory of value is a scientific theory of economic philosophy.Its theoretical essence includes,but is not limited to,the following:commodities are exchanged in physical form while labours are exchanged in value form;market exchange,obeying the law of value,selects the socially necessary labour time for the production of commodites,measures magnitude of the commodity's value,determines exchange value,and transforms individual labour into social labour according to the principle of equal-value-exchange.Maxist labour theory of value provides significant insights for China's economic development:the creation and realization of value through labour are the sources of economic development;value measurement and exchange are prerequisites for distribution according to work;if the government better fulfills its role,it will compensate for the waste of economic resources induced by market mechanism which forcefully solves the contradiction between individual labour and social labour;maintaining equilibrium between the supply and demand of socially necessary labour is the primary goal of government macroeconomic regulation and control.
Marx's labour theory of valuesocially necessary laboursocialist construction with Chinese characteristics
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