noun
law of value
Economic term from Marxist theory; refers to the principle that the value of a commodity is determined by the socially necessary labor time required to produce it.
マルクス経済学では、価値法則が商品の交換比率を説明する。
In Marxian economics, the law of value explains the exchange ratios of commodities.
Compound of 価値 (kachi, 'value') and 法則 (hōsoku, 'law'). The term is a direct translation of the Marxist concept 'law of value'.