Adam Smith and the Labour Theory of Value : an Unconvincing "Reconsideration"

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Grieve, Roy (2016) Adam Smith and the Labour Theory of Value : an Unconvincing "Reconsideration". Discussion paper. University of Strathclyde, Glasgow.

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Abstract

In a recent paper Terry Peach argues that Adam Smith found no reason to limit application of the labour-embodied theory of value to the case of the "early and rude state" of society. In fact, not only that: according to Peach, Smith found a problem in employing the labour-commanded measure of value with reference to the contemporary "commercial" economy and, in order to resolve the issue, he (somewhat surreptitiously) abandoned labour-commanded and adopted instead labour-embodied as a generally valid theory of exchange value. However, we find Peach’s revolutionary "Reconsideration" to be fatally flawed - for the reason that it derives from Peach’s evident misunderstanding of what is implied by the labour-commanded measure of value.

  • Item type:Monograph(Discussion paper)
    ID code:68354
    Dates:
    Date
    Event
    6 September 2016
    Published
    Notes:Published as a paper within the Discussion Papers in Economics, No. 16-13 (2016)
    Subjects:Social Sciences > Economic Theory
    Department:Strathclyde Business School > Economics
    Depositing user: Pure Administrator
    Date deposited:11 Jun 2019 14:42
    Last modified:21 Nov 2024 13:00
    Related URLs:
    URI:https://strathprints.strath.ac.uk/id/eprint/68354
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