Özet:

What determines value in economic theory was questioned by Adam Smith, David Ricardo, Jean-Baptiste Say, William Nassau Senior, William Stanley Jevons and Carl Menger. The view of Adam Smith who proposed that value was created solely by labor in the primitive societies without private property and capital accumulation was extended by David Ricardo and Karl Marx and they developed so called labor theory of value suggesting that labor was always the unique factor that creates value. Since the labor theory of value had challanged the profit theory of capitalism, some classical economists such as Jean-Baptiste Say and William Nassau Senior had tried to soften the labor theory of value, finally the pioneers of the Mariginalist Revolution, namely William Stanley Jevons and Carl Menger replaced the labor theory of value with the theory of mariginal utility. Labor that was the principal value-creating-factor in the labor theory of value was transformed into a secondary/derivative factor of production that was positioned with respect to consumer preferences. Whether labor is unique factor of production in value creating process or it is one and most important value-creating factor of production or it is a secondary/derivative factor of production in the so called process in globalizing world economy has been under question and debate over the role of labor in the value-creating process does not come to an end.

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