# Theories of Value ![[Theory of Value (Economics) - Wikipedia#^z2ok8r]] Note that Adam Smith proposed two different definitions of the word value: *value in use* and *value in exchange*: ![[Paradox of Value - Wikipedia#^4nnb9g]] The above refers to the [[Diamond-Water Paradox]]. ## Labor Theory of Value One of the fundamental presuppositions of Marxist economics is that the price of a commodity is determined by the labor that went into producing it. ![[Labor Theory of Value#^yvs12r]] ## Cost of Production Theory of Value ![[Cost of Production Theory of Value#^rfj3g8]] ## Utility Theory of Value ![[Utility Theory of Value#^dtgwo7]] ## Subjective Theory of Value ![[Subjective Theory of Value#^43pclm]] ![[Subjective Theory of Value#^i0m5k5]]