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Explanation of theory of pricing for goods

The theory of pricing for particular goods explained in Adam Smith’s Wealth of Nations is most consistent along with: (1) mercantilist doctrine. (2) Richard Cantillon’s distinction between “value in exchange” and his subjective “value in use.” (3) John Locke’s labor theory of value. (4) David Hume’s “specie-flow” mechanism. (5) Aristotle’s “diamond-water” paradox.

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