Ortwertprinzip

The Wertwertprinzip, often translated as the "value principle" or "principle of equivalent value," is a concept that emerged in the context of economic theory, particularly within Marxist thought. It posits that the value of a commodity is determined by the amount of socially necessary labor time required for its production. This principle suggests that in a capitalist system, goods and services are exchanged based on their labor value, meaning that items requiring more labor to produce are valued more highly.

The concept aims to explain the source of profit within a capitalist framework. According to this principle, the value created by labor is greater than the wages paid to the laborer. This surplus value, or "Mehrwert" in German, is then appropriated by the capitalist as profit. The Ortwertprinzip, therefore, forms a cornerstone of Marx's critique of capitalism, highlighting the exploitation inherent in the wage labor system. While influential, the Ortwertprinzip has also been subject to extensive debate and criticism from various economic schools of thought, which propose alternative theories for value creation and the determination of prices.