Value, theories of
There have been three broad approaches to the analysis of value in use or exchange in economic theory:
(a) general use theories: theories which were based on the assumption that the value of a commodity was related to the use to which it could be put,
(b) labour theory: value is interpreted as reflecting the cost of production measured in terms of labour time absorbed, and
Reference: The Penguin Dictionary of Economics, 3rd edt.