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Text File  |  1992-09-03  |  409b  |  11 lines
  1. In classical economics, the theory that the
  2. price (value) of a product directly reflects
  3. the amount of labour it involves. According
  4. to theory, if the price of a product falls,
  5. either the share of labour in that product
  6. has declined, or that expended in the
  7. production other goods has risen. Marx
  8. adopted and developed the theory but it was
  9. not supported by all classical economists.
  10. Malthus was a dissenter.
  11.