ABSTRACT

The question of “what is the source of value?” in economic thought started by Adam Smith in 1776 and have been continuing to has been questioned by David Ricardo, Jean-Baptiste Say, William Nassau Senior, William Stanley Jevons, Carl Menger and Karl Marx. The absence of private property and capital accumulation in the structure of primitive and savage society defending the idea that Adam Smith’s opinion was developed especially Ricardo and Marx as a result of the interrogation of, and the acceptance that labor is the creator of value in every period of society, the labour theory of value has been shaped.Then marginalist assessments were made, and within the limits of the socialist framework, Marx’s “surplus value” theory laid the foundations. In the history of economic thought shaped the discussion of value lasted for nearly 150 years