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Answer by 1muflon1 for How did classical economists justify the Labour Theory...
The Adam Smith's justification for labor theory was the following argument (Wealth of Nations Book I, Chapter V) [emphasis mine]:The real price of every thing, what every thing really costs to the man...
View ArticleHow did classical economists justify the Labour Theory of Value?
I have skimmed a handful of chapters of older Political Economy books (Adam Smith, Ricardo, Marx), and I'm trying to understand how they argue for the LTV, or their versions of it(or if they take it as...
View ArticleAnswer by Jumboman for How did classical economists justify the Labour Theory...
I'm not an expert on Smith, but his LTV focusses on the labour that the consumer can save with their purchase. I know more about Marx, whose LTV (based on Ricardo) is based on the labour 'embodied' in...
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