The Labor Theory of Value

The value of a commodity depends on the relative quantity of labor which is necessary for its production. Olmark's thought, like many before him, probably put most articulately by david ricardoquote,. The reason why diamond costs so much more than a glass of water is ecause it takes much more labor to produce one diamond than to produce one glass of water. This becomes a pretty important part of mars's philosophy and his idea that profit is theft.