Adam Smith: Smith is associated with the labor theory of value, which suggests that the value of a good is determined by the amount of labor required to produce it. He believed that the cost of production, particularly labor, was a primary determinant of a good's value.Carl Menger: Menger is known for his rejection of the labor theory of value and his development of the subjective theory of value. He argued that value is determined subjectively by individuals based on their personal preferences and needs. Menger emphasized that value is not intrinsic to the object but is a result of individual judgments.