Later, in developing their labor theory of value, both Smith (in … Locke’s theory of the state of nature will thus be tied closely to his theory of natural law, since the latter defines the rights of persons and their status as free and equal persons. Overall, Locke's labor theory of property seems like an excellent early attempt at a theory of property, but it is far from being a fully acceptable theory of property. In previous essays I discussed John Locke’s claim that labor is the moral foundation of property rights. Locke’s labor theory of value by contemporary philosophers. The labor theory of value is fundamental to John Locke’s justification for property rights, but philosopher Edwin Hettinger argued in an oft-cited article that it … Note: On an email list, David Gordon did mention this: “On the relation between Locke’s theory of property and the labor theory of value, R.L. . Adam Mossoff * The labor theory of value is fundamental to John Locke’s justification for property rights, but philosopher Edwin Hettinger argued in an oft-cited article that it … Locke is absolutely clear about the meaning of value: “the intrinsick value of things . In making this critique, though, Hettinger redefined Locke’s theory into a theory about proportional physical labor … Cohen, “Marx and Locke on Land and Labour” is a very good paper.” The labor theory of value is fundamental to John Locke’s justification for property rights, but philosopher Edwin Hettinger argued in an oft-cited article that it fails to justify intellectual property rights. . Wood notes that Locke is not actually concerned with the act of labor or improving the use value of property, but rather is focused on the creation of exchange value as the basis of property. It is helpful to make the distinction between price and value, or to use Marx's terms, between exchange-value (the amount something is worth in money terms) and value (the average amount of labor time socially necessary to produce it). Cohen, “Marx and Locke on Land and Labour” is a very good paper.” In my view, the labor theory of value hasn't been dis-proven so much as it has simply fallen out of favor, for essentially practical reasons. Note: On an email list, David Gordon did mention this: “On the relation between Locke’s theory of property and the labor theory of value, R.L. G.A. The purpose of this essay is to examine Locke’s and Marx’s similar views on the labor theory of value and their divergent positions on the nature of private property. Ellen Meiksins Wood provides a number of critiques of Locke's labor theory of property from a Marxist perspective. Meek, Studies in the Labour Theory of Value, argues against a connection. I hope to return to this issue in future John Locke posts. It is well worth considering what other alternatives there are. For Marx, labor power is the mental and physical capabilities existing in a human being. Meek, Studies in the Labour Theory of Value, argues against a connection. G.A. The labor theory of value was first conceived by ancient Greek and medieval philosophers. It must be understood that his labor theory of property differs from a labor theory of value in an economic sense. Interest-ingly, while philosophers have spilt much ink on how Locke’s “mixing labor” argument applies to intellectual property rights, there has been comparatively very little attention paid to his labor theory of value.5 Saving Locke from Marx: The Labor Theory of Value in Intellectual Property Theory .