Emil Kauder expanded Schumpeter's argument by arguing the hypothesis that Calvinism hurt the development of capitalism by leading to the development of the labour theory of value.
32.
The labour theory of value was the explanation that had been reached by Adam Smith among others, and the Marxist school of economics still relies on this theory.
33.
Most artificial market proponents reject the traditional socialist adoption of the labour theory of value as they believe it cannot be used as the basis for allocating scarce resources.
34.
Cohen argued that it is possible to have an historical materialism without a labour theory of value, because the one does not logically entail the other as well.
35.
Samuelson not only dismissed the labour theory of value because of the transformation problem, but provided himself, in cooperation with economists like Carl Christian von Weizs�cker, solutions.
36.
Intuitively, if the labour theory of value is true, then firms which use more labour to produce products would also create more value, and receive bigger profits.
37.
Richard Arneson has also critiqued Marxism in great depth; he argued that Capitalism was exploitative for more complex reasons than the'Labour Theory of Value'accounted for.
38.
Jean Baptiste Say challenged Smith's labour theory of value, believing that prices were determined by utility and also emphasised the critical role of the entrepreneur in the economy.
39.
While Ricardo accepted Smith's labour theory of value, as the general rule of prices under a free market, he acknowledged that utility influences the price of scarce items.
40.
The labour theory of value was that the value of an object was reliant on the labour that had gone into producing it, including any training or investment that supplemented the labour.
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