Labour is the Basis of all Wealth Argument Assess the argument that ?labour is the basis of all wealth,? that it should be both respected more than it is, and that the products of human labour should
be distributed more equitably.
The labor theory of value (LTV) was an early attempt by economists to explain why goods were exchanged for certain relative prices on the market. It suggested that the value of a commodity could be measured objectively by the average number of labor hours necessary to produce it. The best-known advocates of the labor theory were Adam Smith, David Ricardo and Karl Marx.