IDEAS home Printed from https://ideas.repec.org/a/hop/hopeec/v41y2009i2p383-406.html
   My bibliography  Save this article

Adam Smith and the Labor Theory of (Real) Value: A Reconsideration

Author

Listed:
  • Terry Peach

Abstract

This article questions the widely held opinion that Adam Smith confined his use of a labor theory of exchangeable value to an “early and rude state of society” in which independent laborers exchange the surplus products of their labor. It is argued that Smith did not explicitly disavow a more general application for the theory; that he continued to invoke (changes in) quantities of labor as principal determinants of (changes in) exchangeable value in all states of society; and that he had, in his own terms, some theoretical justification for his position. Moreover, it is argued that the lengths to which he went to obtain an association between the concepts of real price/real value and expended labor, ultimately to the point of abandoning his own declared choice of “real measure,” is compelling evidence of his commitment to an albeit rudimentary labor theory of exchangeable value.

Suggested Citation

  • Terry Peach, 2009. "Adam Smith and the Labor Theory of (Real) Value: A Reconsideration," History of Political Economy, Duke University Press, vol. 41(2), pages 383-406, Summer.
  • Handle: RePEc:hop:hopeec:v:41:y:2009:i:2:p:383-406
    as

    Download full text from publisher

    File URL: http://hope.dukejournals.org/content/41/2/383.full.pdf+html
    File Function: link to full text
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    More about this item

    Keywords

    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:hop:hopeec:v:41:y:2009:i:2:p:383-406. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Center for the History of Political Economy Webmaster). General contact details of provider: http://www.dukeupress.edu/Catalog/ViewProduct.php?viewby=journal&productid=45614 .

    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 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.