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“Value in exchange”: Pufendorf’s moral quantities in Smith’s quantities of labour

Author

Listed:
  • Michele Bee

    (Cedeplar/UFMG)

  • Ivan Sternick

    (Cedeplar/UFMG)

Abstract

This paper aims to show that the “quantities of labor” on which Smith bases his theory of the real measure of exchange value are not objective quantities that can be established prior to the exchange, but that their value is determined by the proportion established in exchange. Contrary to what is often stated, this means that these quantities of labor are neither physical inputs “embodied” in commodities, nor given prices, nor an absolute “disutility”, but that they come close to what Samuel Pufendorf called “moral quantities”. This means they are prices established through common evaluation and agreement in exchange, taking into account different aspects associated with each labor and work. It is here claimed that the estimation of Smith’s wage-differentials should also be understood in this sense. The non-arbitrary character of this conception of value in exchange is explained through Smith’s understanding that, under conditions of equality and liberty, people are capable of and willing to evaluate each other’s labor impartially, since they usually desire to obtain the deserved esteem of others.

Suggested Citation

  • 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.
    • Handle: RePEc:cdp:texdis:td656
    as

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    File URL: https://www.cedeplar.ufmg.br/pesquisas/td/TD%20656.pdf
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    References listed on IDEAS

    as
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    3. John Henry, 2000. "Adam Smith and the Theory Of Value: Chapter Six Considered," History of Economics Review, Taylor & Francis Journals, vol. 31(1), pages 1-13, January.
    4. Skinner, Andrew S, 1995. "Pufendorf, Hutcheson and Adam Smith: Some Principles of Political Economy," Scottish Journal of Political Economy, Scottish Economic Society, vol. 42(2), pages 165-182, May.
    5. Enzo Pesciarelli, 1999. "Aspects of the Influence of Francis Hutcheson on Adam Smith," History of Political Economy, Duke University Press, vol. 31(3), pages 525-545, Fall.
    6. Daniel Diatkine, 2010. "Vanity and the love of system in Theory of Moral Sentiments," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 17(3), pages 383-404.
    7. 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.
    8. Young, Jeffrey T., 2008. "Law And Economics In The Protestant Natural Law Tradition: Samuel Pufendorf, Francis Hutcheson, And Adam Smith," Journal of the History of Economic Thought, Cambridge University Press, vol. 30(3), pages 283-296, September.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Adam Smith; Samuel Pufendorf; Quantities of Labor; Value; Exchange.;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)

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