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1. Classical Economics

   Linked via "cost of production"

   Early classical economists grappled extensively with the source of economic value. While Smith suggested that labor was the primary measure, later classical adherents, particularly Ricardo, refined this into the Labor Theory of Value (LTV). The LTV posits that the exchangeable value of a commodity is proportional to the total amount of labor required, directly or indirectly, for its production.
   A key, though of…