What was James Mill's theory of value?
My approach to value, especially in relation to exchange, hinges on the principles of supply and demand. The exchangeable value of a commodity is determined by the quantity of labor required for its production, balanced against the demand for it. I believed that in a competitive market, value would tend to approach the cost of production, which I largely equated with the labor expended. This understanding was crucial for comprehending the mechanisms of wealth accumulation and distribution within society.
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