Because Smith was somewhat confused about the factors determining relative prices, he developed three separate theories relating to them.
- The early and rude state
- Primitive society
(1) Labor cost theory of value
(2) Labor command theory of value
(3) Cost of production theory of value.
Written by : P.K.Wasana Sathsarani
References: Harry Landreth, D. C. (2002). History of Economic Thought (4th ed.). Boston, Toronto: Houghton Mifflin Company.
Infographic design by: G.A. Shehani Navodya
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