Classical theory of value
Classical theory of value is the value theory of Adam Smith (1723-1790), David Ricardo (1772-1823) and their followers, also accepted by Karl Marx (1818-1883). This theory holds that market values are determined by the quantity of labor required to produce what is offered for sale. As later developed, the quality of the labor needed was also taken into consideration.
- Percy L. Greaves, Jr. "Mises Made Easier ", 1974. Referenced 2014-06-29.