3 Review(s)

Economic theory is multifaceted, encompassing his views on property, labor, and money. A central tenet is his labor theory of property, which posits that individuals acquire property rights in unowned resources by mixing their labor with them . This concept is rooted in the idea that one's labor is personal and an extension of oneself . By applying labor, value is created, and this act of value creation justifies ownership. My view argued that labor "puts the difference of value on every thing" and that a significant portion of useful products are the result of labor [. This perspective incentivizes individuals to labor, thereby creating value for society as a whole .