Adam Smith’s Labor Theory of (Real) Value: The Case of a Misfiring Critique

Terry Peach

History of Political Economy, 2020, vol. 52, issue 1, 171-190

Abstract: This article provides a rebuttal of Roy H. Grieve’s critique of Peach 2009, “Adam Smith and the Labor Theory of (Real) Value: A Reconsideration.†It is shown that Grieve cannot represent accurately the position he purports to criticize, that his criticisms are directed at phantom targets of his own creation, that his grasp of central concepts (including the labor theory of value) is flawed, and that he simply ignores material that does not suit his mordacious ends. Although Grieve’s stated purpose is to defend the scholarly status quo, it is argued that his misplaced efforts do nothing to salvage an interpretation that stands in need of fundamental revision, the authoritative voices invoked by Grieve in his support notwithstanding.

Keywords: labor theory of value; real value; labor commanded; corn commanded (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1215/00182702-8009597 link to full text (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hop:hopeec:v:52:y:2020:i:1:p:171-190

Access Statistics for this article

History of Political Economy is currently edited by Kevin D. Hoover

More articles in History of Political Economy from Duke University Press Duke University Press 905 W. Main Street, Suite 18B Durham, NC 27701.
Bibliographic data for series maintained by Center for the History of Political Economy Webmaster ().