Editing John Locke (section)

====Theory of value and property====
Locke uses the concept of ''[[Property (philosophy)|property]]'' in both broad and narrow terms: broadly, it covers a wide range of human interests and aspirations; more particularly, it refers to [[Tangible property|material goods]]. He argues that property is a [[Natural rights and legal rights|natural right]] that is derived from [[manual labour|labour]]. In Chapter V of his ''[[Two Treatises of Government|Second Treatise]]'', Locke argues that the individual ownership of goods and property is justified by the labour exerted to produce such goods{{mdash}}"at least where there is enough [land], and as good, left in common for others" (para. 27){{mdash}}or to use property to produce goods beneficial to human society.<ref name="labortheory">{{cite journal|last=Vaughn|first=Karen|year=1978|archive-url=https://web.archive.org/web/20111019073702/http://mises.org/journals/jls/2_4/2_4_3.pdf|title=John Locke and the Labor Theory of Value|journal=[[Journal of Libertarian Studies]]|volume=2|issue=4|pages=311–326|url=https://mises.org/journals/jls/2_4/2_4_3.pdf|archive-date=19 October 2011}}</ref>

Locke states in his ''Second Treatise'' that nature on its own provides little of value to society, implying that the labour expended in the creation of goods gives them their value. From this premise, understood as a [[Labor theory of value|''labour theory of value'']],<ref name="labortheory" /> Locke developed a [[Labor theory of property|''labour theory of property'']], whereby ownership of [[property]] is created by the application of labour. In addition, he believed that property precedes government and government cannot "dispose of the estates of the subjects arbitrarily". [[Karl Marx]] later critiqued Locke's theory of property in his own social theory.<ref>{{Cite journal |last=Engle |first=Eric |date=15 September 2008 |title=Karl Marx's Intellectual Roots in John Locke |url=https://papers.ssrn.com/abstract=1268545 |journal=Postmodern Openings |language=en |location=Rochester, NY |volume=7 |issue=7 |pages=35–36 |ssrn=1268545 |via=SSRN}}</ref>