John Locke Labor Theory Essay

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To fully understand the impact John Locke and his economic theories have had on our society, we must observe how they affect us even today despite being formed decades ago. First, look at the theory itself. Locke’s Labor Theory of Value was first published in his Second Treatise of Government, which is a work of political philosophy that he published anonymously in 1689. The labor theory of value basically states that the value of goods/ services comes from the labor conducted to produce them (Vaughn 1978: 313). In other words, the more labor that goes into something, the more worth (by society’s standards) it possesses. This treatise also focused on creating a more civilized society based on natural rights and contract theory.
Locke’s natural …show more content…

However, most of the people whose homes were in this area had given their properties up for just compensation by the city without a struggle; only a small portion went to the courts about losing their land. The main reason behind these people taking legal action was because apparently they held a connection to their land; many had spent much time working on their home to bring it to the condition it was, raising its value not only marketably but sentimentally as well (Linder). Despite the promise of being justly compensated for being relieved of their land - which would have been generous seeing as all the properties in question seemed to be in good condition, because the people who sued the state felt that the labor (or other reasons for attachment) outweighed whatever they would have received for it by the city they tried to keep their …show more content…

Essentially, Locke believed we should all be held equally. He insisted that people, not rulers, are sovereign. To use his own words, Locke wrote, “Government can never have a power to take to themselves the whole or any part of the Subjects Property, without their own consent. For this would be in effect to leave them no Property at all.” He makes his point even more explicit: rulers “must not raise Taxes on the Property of the People, without the Consent of the People, given by themselves, or their Deputies.” (Powell 2015). Overall Locke had a liberal economists’ view in that people deserve to be respected and listened

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