Adam Smith and the labour theory of value: an unconvincing "reconsideration"

Roy Grieve ()

No 1613, Working Papers from University of Strathclyde Business School, Department of Economics

Abstract: In a recent paper Terry Peach argues that Adam Smith found no reason to limit application of the labour-embodied theory of value to the case of the “early and rude state†of society. In fact, not only that: according to Peach, Smith found a problem in employing the labour-commanded measure of value with reference to the contemporary “commercial†economy and, in order to resolve the issue, he (somewhat surreptitiously) abandoned labour-commanded and adopted instead labour-embodied as a generally valid theory of exchange value. However, we find Peach’s revolutionary “Reconsideration†to be fatally flawed - for the reason that it derives from Peach’s evident misunderstanding of what is implied by the labour-commanded measure of value.

Keywords: Adam Smith on real value; labour-commanded; labour-embodied; "labour of acquiring" (search for similar items in EconPapers)
JEL-codes: B12 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2016-10
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Persistent link: https://EconPapers.repec.org/RePEc:str:wpaper:1613

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