Imagine you are talking to a friend who says that the value of something is wha
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Imagine you are talking to a friend who says that the value of something is whatever you can buy it for or sell it for (i.e. its price). Write a reply to this belief that includes a description
of two different theories of value (Neoclassical theory of value & Labor theory of value), and a discussion of why “value” is an important concept for understanding how economies work.