No offense taken. My statement is so non-controversial that I have no problem saying that anyone who disagrees with it truly has no idea what they're talking about.
The "marginal revolution" is one of the major events in the history of economics.
Different labor theories of value prevailed amongst classical economists through to the mid-19th century. It is especially associated with Adam Smith and David Ricardo. Since that time, it is most often associated with Marxian economics; while modern mainstream economics replaces it by the marginal utility approach.
The "marginal revolution" is one of the major events in the history of economics.
EDIT - here's some useful wikipedia links:
http://en.wikipedia.org/wiki/Labor_theory_of_value
http://en.wikipedia.org/wiki/Marginal_utility
EDIT #2 - paragraph 3 from wikipedia:
Different labor theories of value prevailed amongst classical economists through to the mid-19th century. It is especially associated with Adam Smith and David Ricardo. Since that time, it is most often associated with Marxian economics; while modern mainstream economics replaces it by the marginal utility approach.