Innovative Labor and Evolution of Labor Value Theory

It is impossible for all people to accept labor value theory due to the complexity of epistemology and class consciousness. Therefore, this paper adheres to the basic viewpoint of labor creating value from labor value theory, and takes it as precondition for further discussion. On the base of it, this paper reconstructs the current formula for calculating the contributing percentage of science and technology, and analyses and explores how innovative labor creates value. Finally, this paper sets forth and argues that time can't measure innovative labor and its outcome (knowledge), so traditional labor value theory has to be largely changed to adapt to knowledge economy in which innovative labor is dominant, and to form the innovative labor value theory.