Jeffrey T. Young
Adam Smith’s Theory of Value and Distribution: Economics as a Moral Science Once Again
Adam Smith’s Theory of Value and Distribution: Economics as a Moral Science Once Again
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Excellent- More about Adam Smith’s Theory of Value and Distribution: Economics as a Moral Science Once Again
This book offers a close reading of Adam Smith's key text and incorporates material from other parts of his oeuvre to provide insights into his theory of value. It argues that Smith does not have a labour theory of value, but is placed in the supply and demand, general equilibrium framework. It will be of interest to Adam Smith specialists, historians of economic thought, and research economists.
Format: Hardback
Length: 214 pages
Publication date: 12 December 2023
Publisher: Taylor & Francis Ltd
Since the time of his early interpreters, beginning with David Hume, Adam Smith's theory of value has been the subject of confusion and misunderstanding, including a controversy that still rages over whether Smith held a labor theory of value, and, if so, whether he held to it throughout The Wealth of Nations, or if it was confined to the "Early and Rude State." This book provides a close reading of Smith's key text, and also incorporates material from the other parts of Smith's oeuvre, especially from The Theory of Moral Sentiments, to yield original and important insights into Smith's theory of value. The book operates on the assumption that Smith is proposing relatively simple ideas about price and takes a conventional view that simple Supply and Demand models can illuminate, clearly, and consistently with his text, his theory of price. Combining these elements, the book argues that, contra Marx, Smith does not have a labor theory of value at all, understood as a theory of the determination of the relative price structure. Instead, Smith is placed squarely in the supply and demand, general equilibrium framework, and the claim that he is part of a "surplus tradition," which receives its highest treatment in the work of Piero Sraffa, is refuted. This book will be of particular interest to Adam Smith specialists, historians of economic thought, and research economists who have an interest in Smith.
Weight: 589g
Dimension: 234 x 156 (mm)
ISBN-13: 9781032373010
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