Marx, the Classicals, and the Theory of Value: Conclusion

Adalbert G. Lallier
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Adalbert G. Lallier: Concordia University

Chapter 10 in The Economics of Marx’s Grundrisse, 1989, pp 207-221 from Palgrave Macmillan

Abstract: Abstract In his assessment of the classical theory of value, Marx first lauds Adam Smith (‘an immense step forward’1) for making labour not only an abstraction but also in reality ‘the means of creating wealth in general’.2 He accepts Smith’s statement on labour being the real and money the nominal measure of value and that ‘labour time is the original money with which all commodities are purchased.’3

Keywords: Productive Force; Labour Time; Surplus Labour; Total Exchange; Simple Exchange (search for similar items in EconPapers)
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-20171-6_11

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DOI: 10.1007/978-1-349-20171-6_11

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