Compare Smith, Malthus, and Marx in terms of their theories of value and the respective implications of those theories of value

Compare Smith, Malthus, And Marx in Terms of Their Theories of Value and The Respective Implications of Those Theories of Value Students Name Institutional Affiliation Course Code and Name Instructors Name Date Compare Smith, Malthus, And Marx in Terms of Their Theories of Value and The Respective Implications of Those Theories of Value When discussing the economies of different nations worldwide, it is crucial to consider what the theory says. Various theorists have presented insights that dictate how various nations operate regarding wealth creation. These theories have been studied and proven to work. One standard theory is that of value, which different scholars put across. Each of them has a different perspective on how nations create wealth. Among these scholars are Adam Smith, Karl Marx, and Thomas Malthus. Their insights have played a significant role in helping human beings understand how societal factors operate in creating economies. With a strategy for wealth creation, nations would find it easier to sustain their growing populations. Adam Smith focused on the causes and nature of the wealth of nations. He did this by focusing on the concept of labor theory of value. Adam focused on how the value of a good is determined by the amount of labor or input incurred in its creation. On the other hand, Karl Marx's number of hours and labor wage are required to produce goods. Additionally, Thomas Malthus provided insights into this concept by focusing on how labor is a crucial determinant of how capitalists make wealth. He addresses capitalism as a situation whereby wealth is accumulated by the wealthy while the poor provide labor and remain with limited wealth. While these three theorists might seem to focus on a similar concept about labor, all their ideas are different. Therefore, this paper will compare these theories and their implications on wealth accumulation. Adam Smith's perspective on the theory of value focuses mainly on how the value of exchange of a particular commodity depends on the acceptable labor required in making it. When producing a product, the labor involved reflects on the cost of wages. Therefore, for instance, if a certain product requires a lot of labor, the responsible parties have to pay more wages. Hence, the item should be priced higher to compensate for the incurred cost. Adam put across the idea of the value of use, which refers to how useful an item or product is. A highly useful item does not mean that its value would be high. A good example is the case of water. People use water in almost every activity, but this doesn't make water costly. Additionally, the value in exchange is another important concept of this theory. This means that one item can be of high value to other goods. This is often attributed to special metals, whereby a small portion can be exchanged with large portions of other items like cereal. Therefore, the value of an item, according to Smith, does not necessarily have a direct connection with its labor. Some items might require a lot of labor but still be of less value (Smith, 2002). In addition, Simith advocated for an invisible hand. This is a situation whereby minimal or unseen forces control markets. In some countries, governments play a major role in controlling markets by imposing regulations and rules on good production. In such a case, the market would not have an automatic and fair regulation but rather a controlled situation. Hence, Smith advocated for markets to have minimal government intervention for success. The success would be measured in terms of the fair distribution of goods and services. In such a case, it means that the poor would not have to strive for the availability of resources such as government projects. Additionally, the rich would not have access to excess resources they cannot exhaust. Such a st...