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Marx, the Classicals, and the Theory of Value: Conclusion

In: The Economics of Marx’s Grundrisse

Author

Listed:
  • Adalbert G. Lallier

    (Concordia University)

Abstract

In his assessment of the classical theory of value, Marx first lauds Adam Smith (‘an immense step forward’1) for making labour not only an abstraction but also in reality ‘the means of creating wealth in general’.2 He accepts Smith’s statement on labour being the real and money the nominal measure of value and that ‘labour time is the original money with which all commodities are purchased.’3

Suggested Citation

  • Adalbert G. Lallier, 1989. "Marx, the Classicals, and the Theory of Value: Conclusion," Palgrave Macmillan Books, in: The Economics of Marx’s Grundrisse, chapter 10, pages 207-221, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-20171-6_11
    DOI: 10.1007/978-1-349-20171-6_11
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