In economics, the cost-of-production theory of value is the belief that the value of an object is decided by the resources that went into making it. The cost can be composed of any of the factors of production including labour, capital, land, or technology.
Two of the most common cost-of-production theories are the medieval just price theory and the classical labor theory of value.
Two of the most common cost-of-production theories are the medieval just price theory and the classical labor theory of value.
