A New Exploration of Marx's Labor Theory of Value and Brief Analysis of Some Theoretical Problems—Based on the Unified Perspective of Absolute Value and Relative Value

Marx's labor theory of value is established through critical analysis and innovation of the labor theory of value in classical economics. It is recognized as one of the three value theory systems in modern economics, alongside the equilibrium value theory of neoclassical economics and the physical value theory of the New Cambridge school. Different from Western economic theories that focus solely on relative value, Marx's labor value theory combines both absolute value theory and relative value theory, which is the distinctive characteristic and theoretical advantage in Marx's labor theory of value. On the one hand, absolute value emphasizes that abstract labor constitutes the entity of value, determining its absolute quantity based on the labor time required for commodity production. On the other hand, relative value highlights exchange value as the form of value representing commodities' worth, with their relative amounts determined by exchange proportions. Understanding labor theory of value from a perspective that unifies both absolute value and relative value is helpful to respond to and address some frontier theoretical problems long debated surround Marx's labor theory of value. It promotes the innovative development of labor theory of value and enhance its practical explanatory power.