Value Theory

Economists Ideas on Value Theory:

Value theory has been interpreted and described in many different manners throughout the course of history. There are classical theorists, early classical theorists and socialists, and even those who are categorized as late Ricardians. This essay will focus on the definition of value theory as defined by the following theorists: Marx, Menger, Ricardo, Say and Smith. Each of these economic theorists presented a slightly different take on how value is derived in an economic environment. For some, value is created from labor exerted by workers. For others supply creates demand and subsequent value. Some have argued that value is created in the marketplace, as consumers exchange goods and services; buyers and sellers create demand supply and demand, and any good is only as valuable as the time the producer puts into it. All of the theorists explored have both positive and negative aspects...
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