publication . Preprint . 2014

Adam Smith's Concept of Labour: Value or Measure?

Adolfo Rodriguez-Herrera;
Open Access
  • Published: 01 Jun 2014
Abstract
The terminology employed by Smith to refer to value and measure of value is used in his time with imprecision, which has led to different interpretations about his position on these issues. It is no coincidence that Smith is considered the father of the labour theory of value developed by David Ricardo and Karl Marx and simultaneously of the cost-of-production theory of value developed by John Stuart Mill and Alfred Marshall. This paper reviews the concepts developed by Smith to formulate his theory of value –value, real price and exchangeable value– and the criticism made by Ricardo and Marx on Smith’s position about the role of labour as measure of value. Acco...

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