Compare and contrast the value theories of Smith and Ricardo
... 18th century philosopher Adam Smith can certainly at least hold claim as one of the applicants for that position. His book, Nature and Causes of the Wealth of Nations, is pretty much considered the bedrock of most economic theories. Though he introduced his theories well before launching of the Industrial Age, his words, penned in the late 1700s, were predictive. ... Smith was also famous for his theories on allocation of resources (which economics stresses), as well as the idea that economic growth (rather than handouts) are one way people can improve their existaence.