The Labor "Embodied" in Smith's Labor-Commanded Measure: a "Rationally Reconstructed" Legend
AbstractAdams Smith presented the notion of the labor commanded by a commodity in the marketplace. Much of what we think and we know regarding Smith's value measure and its role in his larger system must be jettisoned. That alone qualifies this new view as deserving of the most careful inspection, and it is to that task that this essay is devoted.
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Bibliographic InfoPaper provided by Purdue University, Department of Economics in its series Purdue University Economics Working Papers with number 1122.
Length: 37 pages
Date of creation: Jul 1999
Date of revision:
LABOUR MARKET ; EMPLOYMENT ; ECONOMIC THEORY;
Find related papers by JEL classification:
- E00 - Macroeconomics and Monetary Economics - - General - - - General
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
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