publication . Research . Preprint . 2006

Adam Smith on labour and value: challenging the standard interpretation

Ormazabal Sánchez, Kepa Mirena;
Open Access
  • Published: 01 Jan 2006
Abstract
This paper was presented at the Seminars of the Department of Foundations of Economic Analysis I, University of the Basque Country in September 2004. This paper has two parts. In the first I critically analyze Smith’s refutation of the labor theory of value in book I, chapter 6 of his “Wealth of Nations”. My thesis is that Smith’s refutation is unsound and that Ricardo and Marx rightly saw why. In the second part I discuss Blaug’s critique of the Ricardo-Marx refutation of Smith. According to Blaug, Ricardo and Marx fail to understand Smith. I disagree with Blaug and hold, first, that he has not rightly understood the Ricardo-Marx refutation of Smith and, sec...
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publication . Research . Preprint . 2006

Adam Smith on labour and value: challenging the standard interpretation

Ormazabal Sánchez, Kepa Mirena;