Question

Who is the propounder of labour theory of value​

Answer 1

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

Answer 2

Labour theory of value was developed by David Ricardo and modified by Karl Marx.

Explanation:

According to the labour theory of value, developed by David Ricardo and refined and modified by Karl Marx theory, the value of a thing depends on the amount of labour required to produce it. Thus, in the opinion of Adam Smith, if one thing requires twice as much labour to produce as another thing, it would be twice as valuable.

The labour theory was employed by the classical economists, e.g., Ricardo and especially Marx, to explain the determination of relative prices on the basis of quantities of labour, immediate and accumulated, embodied in goods. By immediate labour is meant the current effort of a worker and by accumulated labour is meant the services of capital which represent the past input of labour.