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Cultural heritage

C. H. Douglas disagreed with classical economists who recognized only three factors of production. While Douglas did not deny the role of these factors in production, he considered the " Cultural heritage " as the primary factor. He defined cultural inheritance as the knowledge, techniques, and processes that have accrued to us incrementally from the origins of civilization (i.e., progress). Consequently, mankind does not have to keep " reinventing the wheel ". "We are merely the administrators of that cultural inheritance, and to that extent, the cultural inheritance is the property of all of us, without exception. Adam Smith, David Ricardo, and Karl Marx claimed that labor creates all value. While Douglas did not deny that all costs ultimately relate to labour charges of some sort (past or present), he denied that the present labour of the world creates all wealth. Douglas carefully distinguished between value, costs and prices. He claimed that one of the factors resulting in a misdirection of thought in terms of the nature and function of money was economists' near-obsession about values and their relation to prices and incomes. While Douglas recognized "value in use" as a legitimate theory of values, he also considered values as subjective and not capable of being measured in an objective manner.