11. In it he rejected the labour theory of value and argued that wealth is a by-product of exchange. 12. The Austrian School of economics charges Marx's economic system with being based on the classical labour theory of value . 13. The labour theory of value held that the value of a thing was determined by the labour that went into its production. 14. Prices were largely determined on the basis of the costs of inputs, a method derived from the labour theory of value . 15. In it, Marx focused on the labour theory of value and what he considered to be the exploitation of labour by capital. 16. Imprisoned in 1888, Danielsson celebrated the event by composing a pamphlet on the labour theory of value while serving out his sentence. 17. In contrast both, Marx's Labour Theory of Value and the'Emergy'concept are conceived as donor-type value. 18. Petty tried to develop a par between land and labour and had what might be called a land-and-labour theory of value . 19. His first major work, " Studies in the Labour Theory of Value ", was published by Lawrence & Wishart in 1956. 20. Furthermore, Smith and Petty developed labour theories of value , as did David Ricardo, Henry George, and Karl Marx in the 19th century.
