Classifier Instance:

Anchor text: Adam Smith
Target Entity: Adam_Smith
Preceding Context: Scottish economist
Succeeding Context: accepted the LTV for pre-capitalist societies but saw a flaw in its application to capitalism. He pointed out that if the "labour embodied" in a product equalled the "labour commanded" (i.e. the amount of labour that could be purchased by selling it), then profit was impossible. David Ricardo (seconded by Marx) responded to this paradox by arguing that Smith had confused labour with wages. "Labour commanded", he argued, would always be more than the labour needed to sustain itself (wages). The value of labour, in this view, covered not just the value of wages (what Marx called the value of labor power), but the value of the entire product created by labor.
Paragraph Title: null
Source Page: Labor theory of value

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