IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

On Smith's ambiguities on value and wealth

  • Meacci, Ferdinando

Ricardo’s criticisms of Adam Smith on value and wealth have been sometimes rejected and sometimes accepted in the period following the publication of his Principles. By contrast, they have been mostly ignored in the recent revivals of Ricardian economics both in the branch concerned with value and distribution and in the branch devoted to wealth and equilibrium growth. This paper intends to fill the gap between these two branches by revisiting Smith’s link between value and wealth in the light of Ricardo’s criticisms. This is done in two steps. The first step is provided in Part I and deals with Ricardo’s criticisms i) of Say’s and Lauderdale’s criticisms of Smith on this issue, and ii) of Smith’s and Malthus’ arguments on the related issues of rent and of the “annual produce of the land and labour of a country”. The second step is provided in Part II. The aim of this Part is to dissolve Smith’s terminological inaccuracies or contradictions by disentangling them from the analytical foundations of his system of thought. This is done by re-examining Smith’s arguments on value and wealth in the light of two distinctions. One runs between the two points of view –of an individual and of society– which underlie the whole of his system of thought. The other is put forward by Smith himself in a neglected passage of the Wealth and runs between the notions of “work done” and “work to be done”. Both distinctions are then utilized to revisit the principle of exchangeable value as command of labour in the economy as a whole and in the sense of work to be done. The paper is closed by arguing that this principle is needed for supporting the idea of a permanent increase in the natural price of labour (in Smith’s rather than in Ricardo’s sense) in economies exposed to a continuous process of accumulation.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://mpra.ub.uni-muenchen.de/28866/1/MPRA_paper_28866.pdf
File Function: original version
Download Restriction: no

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 28866.

as
in new window

Length:
Date of creation: Oct 2010
Date of revision:
Handle: RePEc:pra:mprapa:28866
Contact details of provider: Postal: Schackstr. 4, D-80539 Munich, Germany
Phone: +49-(0)89-2180-2219
Fax: +49-(0)89-2180-3900
Web page: http://mpra.ub.uni-muenchen.de

More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. repec:cup:cbooks:9780521075916 is not listed on IDEAS
  2. Smith, Adam, 1776. "An Inquiry into the Nature and Causes of the Wealth of Nations," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1776.
  3. V. W. Bladen, 1975. "Command over Labour: A Study in Misinterpretation," Canadian Journal of Economics, Canadian Economics Association, vol. 8(4), pages 504-19, November.
  4. Christian Gehrke & Heinz Kurz, 2001. "Say and Ricardo on value and distribution," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 8(4), pages 449-486.
  5. Meacci, Ferdinando, 2004. "The competition-of-capitals doctrine and the wage-profit relationship," MPRA Paper 20118, University Library of Munich, Germany, revised 2006.
  6. repec:cup:cbooks:9780521075930 is not listed on IDEAS
  7. Smith, Adam, 2008. "An Inquiry into the Nature and Causes of the Wealth of Nations: A Selected Edition," OUP Catalogue, Oxford University Press, number 9780199535927 edited by Sutherland, Kathryn, March.
  8. Lauderdale, James Maitland, 1819. "An Inquiry into The Nature and Origin of Public Wealth and into the Means and Causes of its Increase," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, edition 2, number lauderdale1819.
  9. repec:cup:cbooks:9780521735735 is not listed on IDEAS
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:28866. 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: (Ekkehart Schlicht)

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.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 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.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.