Give a brief account of adam smith,s labour theory of value. How does this differ from Ricardos labour theory of value.

Labour Theory of Value states that
A. Value of a commodity is produced only by current workers.
B. Value of a commodity is the sum of the value of all inputs (past labour) as well as the current value-added by workers
c. value of a commodity is equal to the sum of wages and salaries of workers.
D. Value of a commodity is equal to the sum of the marginal products of different factors of production

Please explain Adam Smith's labor theory of value.

a. Explain how labor determines exchange value through the concept of labor embodied value. Please describe production and labor value.

b. Explain the differences between market price and natural price.

Discuss the labor theory of value as it evolved in Classical Political Economy.

a. Classical Political Economy distinguished use value from exchange value. Where does the labor theory of value fit into this?

b. Compare and contrast the ideas of Smith, Malthus, and Ricardo on the labor theory.