ON NEW COGNITION OF MARX'S LABOR VALUE THEORY

The Labor Value Theory is the basis of Marx's economics .Marx set up his scientific theory by means of critisizing and inheriting the Labor Value Theory of capitalist class.We should avoid two mistakes when recognizing Marx's Labor Value Theory .One mistake is:“labor is the only source of value”in Marx's Labor Value Theory means physical labor can create value.The other mistake is we should avoid mixing up Marx's Labor Value Theory with Wealth Theory.When we develop socialist market economy,we should realise the different situations when Marxism first appeared.We must combine the theory with practice and cognition of the socialist labor and Labor Value Theory.