Nearer to Sraffa than Marx: Adam Smith on Productive and Unproductive Labour
We investigate Adam Smithâ€™s analysis of the properties of what he called productive - as against unproductive - labour, a concept which commentators have frequently found problematic. Puzzles have been noted and inconsistency alleged. A question arises â€“ did Smith confuse two different concepts of productive labour? We believe that, despite the apparent problems, a coherent reading of Smithâ€™s account of productive and unproductive labour is in fact possible: if productive labour is understood to refer comprehensively to labour which not only maintains but, through producing a net surplus, adds to the communityâ€™s stock of wealth â€“ as regards either the financial or the real resources which make possible economic growth â€“ the difficulties with Smithâ€™s treatment largely disappear.
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- Gough, Ian, 1972. "Marx's theory of productive and unproductive labour," LSE Research Online Documents on Economics 51144, London School of Economics and Political Science, LSE Library.
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