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Gornja Radgona Travel on As a follower, albeit a critical one, David RICARDO plays a crucial role here in the labor theory of value. Ricardo defined capital as that part of the wealth of a country which is employed in production, and cost of food, clothing, tools, raw materials, machinery, etc., necessary to give effect to labor. Capital is merely another kind of labor in a labor theory of value. It is embodied labor. This would lead to many difficulties, theoretical and technical, that would occupy and distract some of the best minds in economics throughout the century. It was Karl MARX, however, who, extending Ricardo’s labor theory of value, squarely put capital goods into the forefront of economic analysis. Gornja Radgona Travel 2016.