Objective-cost and labor-productivity theory of value

Economics Economics Questions
1

Can anyone assist me? I’m having trouble understanding what the “objective-cost and labor-productivity theory of value” is. It is mentioned in the What is Austrian Economics? essay in the About section and I just can’t figure out what it is referring to. The whole paragraph reads:

“Despite the theoretical sophistication of this developing pre-Austrian tradition, the British school of the late eighteenth and early nineteenth centuries won the day, mostly for political reasons. This British tradition (based on the objective-cost and labor-productivity theory of value) ultimately led to the rise of the Marxist doctrine of capitalist exploitation.”

2

I think its just referring to the labor theory of value, which was the position of the classical economists before Marx “borrowed” the concept.

3

I suspected that, but the reference seemed a bit cumbersome.

4

Reisman has reworked these theories. I suggest looking to his materials for more information.

-Jon