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Labour employed in production and labour commanded: a Ricardian conjecture

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  • Nerio Naldi

Abstract

This paper explains the origin of some important ambiguities in the analysis of value and prices put forward by Smith in his Wealth of Nations by considering the possibility that they reflect a previous draft of the book where the quantity of labour employed in production was indicated as the sole determinant of real price and exchange ratios. This conjecture is evidenced indirectly by the way in which Smith presented his own analysis at the end of Book I, Chapter IV; by some passages contained in Book I and Book II which suggest that the quantity of labour employed in production should play a crucial role within the analysis of exchangeable value; and by the important modifications introduced by Smith in Book I, Chapter VI, after the first edition of the Wealth of Nations was published. Copyright 2003, Oxford University Press.

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  • Nerio Naldi, 2003. "Labour employed in production and labour commanded: a Ricardian conjecture," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 27(4), pages 547-562, July.
    • Handle: RePEc:oup:cambje:v:27:y:2003:i:4:p:547-562
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    Cited by:

    1. Meacci, Ferdinando, 2014. "Ricardo's and Malthus's common error in their conflicting theories of the value of labour," MPRA Paper 55948, University Library of Munich, Germany.
    2. Michele Bee & Ivan Sternick, 2023. "“Value in exchange”: Pufendorf’s moral quantities in Smith’s quantities of labour," Textos para Discussão Cedeplar-UFMG 656, Cedeplar, Universidade Federal de Minas Gerais.

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