IDEAS home Printed from https://ideas.repec.org/p/str/wpaper/1613.html
   My bibliography  Save this paper

Adam Smith and the labour theory of value: an unconvincing "reconsideration"

Author

Listed:
  • Roy Grieve

    (Department of Economics, University of Strathclyde)

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.

Suggested Citation

  • Roy Grieve, 2016. "Adam Smith and the labour theory of value: an unconvincing "reconsideration"," Working Papers 1613, University of Strathclyde Business School, Department of Economics.
  • Handle: RePEc:str:wpaper:1613
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    More about this item

    Keywords

    Adam Smith on real value; labour-commanded; labour-embodied; labour of acquiring;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:str:wpaper:1613. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Kirsty Hall (email available below). General contact details of provider: https://edirc.repec.org/data/edstruk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.