Comparison Between Labour Theory of Value andUtility Theory of Value

The value of a commodity is a measure of the distribution of goods. The key to value definition is the comparison of value between different goods. The labor theory of value defines value by the actual consumption of abstract labor, emphasizing the equality between different commodity production labor. The utility theory of value defines value by the value of the use of the commodity, emphasizing the competitiveness between different commodity production labor. There are not inevitable conflicts between two kinds of value, on the other hand, which are complementary to each other. But further analysis found that the distribution of goods is often unfair between different commodity production labor under the influence of interference of power and the unsmooth flow of resources, on the other hand, excessive fairness mayundermine competition,reducing the usefulness of labour.