Adam Smith and David Ricardo's labor Theory of Value The labor theories of value were generated in response to the quest to determine what constitutes the price or value of a commodity, in other words, what renders value to a commodity? ... Smith Labor Theory of Value: The labor theory of value was a by-product of Adam Smith's attempt to explain and theorize the accumulation of capital. ... Smith called this average price as the 2natural price of a commodity. ... Smith proposed a labor cost and labor command theory. ... Conclusion: Many economist own intellectual debts to Adam Smi...

• Word Count: 1709
• Approx Pages: 7
• Has Bibliography
• Grade Level: Undergraduate

Topic: What contribution did Adam Smith and John M. ... Adam Smith was the founder of economics, as we know it today. ... Around the world today, government monopolies and other bad practices are under major assault from Adam Smith's ideas. Adam Smith believed that strong government was a great necessity, particularly to create and enforce laws and to ensure justice. ... In conclusion Adam Smith made as much sense in the 18th Century as he does today. ...

• Word Count: 1299
• Approx Pages: 5
• Grade Level: Undergraduate

Adam Smith was the founder of economics, as we know it today. ... Adam Smith explained that a monopoly charges any price that it chooses, robs consumers and makes countries less efficient and poorer. ... Around the world today, government monopolies and other bad practices are under major assault from Adam Smith's ideas. Adam Smith believed that strong government was a great necessity, particularly to create and enforce laws and to ensure justice. ... He therefore rejected the Adam Smith/classical economics belief, which held out the promise of material progress in a laissez-faire env...

• Word Count: 1471
• Approx Pages: 6
• Grade Level: Undergraduate