The Labor Theory of Value and why it is wrong

Labor is merely one of the factors of production, there are many more however such as intellectual capital (ideas, concepts, market research and planning ) economic allocation of resources, land and capital goods (e.g. machinery, infrastructure)

So why do so many people ignore these factors of production and still arrogantly insist that the value of a good or service only derives itself from the labor invested in it´s production?


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