Which of Adam Smith's theories did Ricardo work on fixing?
Theory of Wealth
Labour Theory of Value
Theory of Money
Theory of Capitalism
Answer
Ricardo focused his efforts on refining Adam Smith's Labour Theory of Value, a principle emphasizing how the labour invested in producing goods determines their monetary worth. Ricardo sought to rectify perceived imperfections within Smith's framework, aiming to create a more precise and robust understanding of the link between labour and economic value.
The Ricardo Revolution: Mastering David Ricardo's Economic Legacy
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