▁with ▁any ▁ade qu acy . ▁ ▁The ▁basic ▁idea ▁of ▁the ▁law ▁of ▁value ▁was ▁expressed ▁by ▁Adam ▁Smith ▁in ▁The ▁We alth ▁of ▁Nations . ▁Ne oc lass ical ▁econom ist ▁Paul ▁A . ▁Samuel son ▁( 1 9 7 1 ) ▁fam ously ▁argued ▁that ▁" the ▁be aver - de er ▁exchange ▁ratio ▁can ▁range ▁anywhere ▁from ▁ 4 / 3 ▁to ▁ 2 / 1 ▁depending ▁upon ▁whether ▁t ast es ▁are ▁strong ▁for ▁de er ▁or ▁for ▁be aver " ▁and , ▁therefore , ▁it ▁seems ▁that ▁trad ing ▁r ati os ▁are ▁reg ulated ▁only ▁by ▁the ▁volume ▁and ▁intensity ▁of ▁consumer ▁demand , ▁as ▁expressed ▁by ▁consumer ▁prefer ences , ▁rather ▁than ▁by ▁labour - time . ▁According ▁to ▁the ▁classical ▁econom ists , ▁however , ▁such ▁sh ifts ▁in ▁trad ing ▁r ati os ▁would ▁quickly ▁cause ▁a ▁switch ▁from ▁be aver - h un ting ▁to ▁de er - h un ting ▁or ▁vice ▁vers a ; ▁short - term ▁fl uct u ations ▁in ▁demand ▁could ▁not ▁usually ▁change ▁the ▁labour - cost s ▁of ▁hunting ▁as ▁such , ▁except ▁if ▁new ▁techn ologies ▁suddenly ▁made ▁it ▁possible ▁to ▁capture ▁more ▁game ▁in ▁less ▁labour - time , ▁or ▁if ▁the ▁her ds ▁of ▁animals ▁had ▁become ▁seriously ▁de ple ted . ▁ ▁The ▁concept ▁of ▁the ▁law ▁of ▁value ▁was ▁also ▁stated ▁by ▁David ▁Ric ardo ▁at ▁the ▁very ▁beginning ▁of ▁his ▁Princi ples ▁of ▁Political ▁Econom y ▁and ▁Tax ation