Template-Type: ReDIF-Paper 1.0
Author-Name: Roy Grieve
Author-Name-First: Roy
Author-Name-Last: Grieve
Author-Workplace-Name: Department of Economics, University of Strathclyde
Title: Adam Smith and the labour theory of value:  an unconvincing "reconsideration"
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.
Length: 21 pages
Creation-Date: 2016-10
Revision-Date: 
Publication-Status: Published
Number: 1613
Classification-JEL: B12
Keywords: Adam Smith on real value; labour-commanded; labour-embodied; "labour of acquiring"
Handle: RePEc:str:wpaper:1613