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Where is the Labor Theory of Value in Adam Smith? Adam Smith’s Value Theory Revisited

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  3. Journal of Contextual Economics – Schmollers Jahrbuch
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Hurtado, J., Paganelli, M. Where is the Labor Theory of Value in Adam Smith? Adam Smith’s Value Theory Revisited. Journal of Contextual Economics – Schmollers Jahrbuch, 99999(), 1-17. https://doi.org/10.3790/schm.2024.380332
Hurtado, Jimena and Paganelli, Maria Pia "Where is the Labor Theory of Value in Adam Smith? Adam Smith’s Value Theory Revisited" Journal of Contextual Economics – Schmollers Jahrbuch 99999., 2024, 1-17. https://doi.org/10.3790/schm.2024.380332
Hurtado, Jimena/Paganelli, Maria Pia (2024): Where is the Labor Theory of Value in Adam Smith? Adam Smith’s Value Theory Revisited, in: Journal of Contextual Economics – Schmollers Jahrbuch, vol. 99999, iss. , 1-17, [online] https://doi.org/10.3790/schm.2024.380332
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Where is the Labor Theory of Value in Adam Smith? Adam Smith’s Value Theory Revisited

Hurtado, Jimena | Paganelli, Maria Pia

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. (2024), Online First : pp. 1–17

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/schm.2024.380332
Language
Multiple languages
Pages
17
Keywords

Author Details

Jimena Hurtado, Universidad de los Andes Cra 1 Nº 18 A – 12 111711 Bogotá, Colombia

Maria Pia Paganelli, Trinity University One Trinity Place TX 78212 – 7200 San Antonio, USA

References

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Abstract

Commentators often follow David Ricardo in looking, especially, at chapters V and VI of Book I of Adam Smith’s Wealth of Nations as the place to find his theory of value. And most commentators attribute to Adam Smith some versions of a labor theory of value. But in those chapters, Smith is looking for a stable unit of measurement of value and the reservation price of bringing goods to market. We thus suggest that the labor theory of value in Smith is a Ricardian construct, not a Smithian one.

Table of Contents

Section Title Page Action Price
By Jimena Hurtado and Maria Pia Paganelli: Where is the Labor Theory of Value in Adam Smith? Adam Smith’s Value Theory Revisited 1
1. The Structure of Book I 2
2. The Ricardian Smith 4
3. Labor: The True Measure of Value 7
4. Labor: A Measure of Opportunity Cost 12
5. Labor and Exchange: Labor as a Factor of Production 13
6. Concluding Remarks 15
References 16

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