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Labor Theory of Value; The theory that value is determined by the labor involved in producing or gaining a commodity;
As a believer in LTV, i think you should pay more for my shit because i put in more labor to produce it.
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acronym for the phrase: "If Wikipedia can be trusted"; used when reporting information from the website wikipedia.org. Due to Wikipedia's policy of letting anyone edit articles, it is sometimes used as a disclaimer before presenting info from the website in a blog, forum discussion, YouTube comment, etc.
Me: IWCBT: Adam Smith held to the Labor Theory of Value.
Dude: True, but he said that real value is determined by the labor that a commodity commands in exchanged, which is different from what most other proponents of LTV held.
A google wave that includes a large number of people editing it.
Me: Hey lets get as many people on this wave as we can. We'll call it a tsunami!
You: Fuck yeah!
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