This period actually was the crucible that formed the basis for most economic thought even into the late 20th century. The evident elements of labour, capital and land (the latter term a consequence of the feudal system) were seem as the primary, if not only, factors that create wealth. And while labour as the work of humans was considered a major part, the “labour” of the entrepreneur was never considered. For centuries the Adam Smith and David Ricardo value (or price level) was based on the cost of production or the labour theory of value. However, the difficulty is that much of the cost of production in early times was labour. As such it was taken to be an arbitrary consideration and omitted. Consequently, only the subjective evaluation of the consumer was considered important in setting prices.