The Labor Theory of Value was used by Smith, Ricardo, and Marx to explain what determined the underlying value (and therefore “relative prices”) of reproducible commodities. Compare and contrast how these three political economists explained and used the LTV (in depth explanation)

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Comparing and Contrasting the Labor Theory of Value LTV in Smith Ricardo and Marx While all three thinkers Adam Smith David Ricardo and Karl Marx utilized the LTV to some extent their approaches diffe... View the full answer