Abstract
The only instance in which Adam Smith makes the value of commodities depend on the quantity of labour required to produce them is where ‘the whole produce of labour belongs to the labourer’ (Smith 1776, vol. 1, p. 54; see ibid., p. 72). ‘In that early and rude state of society which precedes both the accumulation of stock and the appropriation of land’, he asserts ‘the proportion between the quantities of labour necessary for acquiring different objects seems to be the only circumstance which can afford any rule for exchanging them for one another’ (ibid., p. 53).
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Bibliography
Colletti, L. 1968. Bernstein and the Marxism of the second international. In From Rousseau to Lenin: Studies in ideology and society, ed. L. Colletti. London: New Left Books. 1972.
Colletti, L. 1979. Tra marxismo e no. Bari: Laterza.
Gajano, A. 1979. La dialettica della merce. Introduzione allo studio di ‘Per la critica dell’economia politica’ di Marx. Napoli: il Laboratorio.
Ginzburg, A. 1985. A journey to Manchester: A change in Marx’s economic conceptions. Political Economy 1.
Hilferding, R. 1904. Böhm-Bawerk’s criticism of Marx. In Sweezy (1949).
Lippi, M. 1976. Value and naturalism in Marx. London: New Left Books. 1979.
Marshall, A. 1920. Principles of economics, 8th ed. London: Macmillan. 1964.
Marx, K. 1859. A contribution to the critique of political economy. Moscow: Progress Publishers. 1978.
Marx, K. 1867. Capital: A critique of political economy, vol. I. London: Lawrence & Wishart. 1977.
Marx, K. 1873. Afterword to the 2nd German edition. In Marx (1867).
Marx, K. 1885. Capital: A critique of political economy, vol. II. London: Lawrence & Wishart. 1974.
Marx, K. 1894. Capital: A critique of political economy, vol. III. London: Lawrence & Wishart. 1974.
Marx, K. 1905–10. Theories of surplus-value. Vol. I, 1978; Vol. II, 1975; Vol. III. Moscow: Progress Publishers, 1975.
Marx, K., and F. Engels. 1942. Selected correspondence 1846–1895. New York: International Publishers.
Ramsay, G. 1836. An essay on the distribution of wealth. Edinburgh: Adam & Charles Black.
Ricardo, D. 1821. On the principles of political economy and taxation. In Ricardo (1951–73), Vol. I. 3rd ed.
Ricardo, D. 1823. Absolute value and exchangeable value. In Ricardo (1951–73), vol. IV.
Ricardo, D. 1951–73. The works and correspondence of David Ricardo. Ed. P. Sraffa with the collaboration of M.H. Dobb. Cambridge: Cambridge University Press.
Smith, A. 1776. In An inquiry into the nature and causes of the wealth of nations, ed. E. Cannan. London: Methuen. 1961.
Sraffa, P. 1951. Introduction. In Ricardo (1951–73), Vol. I.
Sraffa, P. 1960. Production of commodities by means of commodities: Prelude to a critique of economic theory. Cambridge: Cambridge University Press.
Sweezy, P.M., ed. 1949. Karl Marx and the close of his system by Eugen von Böhm-Bawerk & ‘Böhm-Bawerk’s Criticism of Marx’ by Rudolf Hilferding, together with an appendix consisting of an article by Ladislaus von Bortkiewicz on the transformation of values into prices of production in the Marxian system. New York: Augustus M. Kelley, 1966.
Tugan-Baranovsky, M. 1905. Theoretische Grundlagen des Marxismus. Leipzig: Duncker & Humblot.
von Böhm-Bawerk, E. 1896. Karl Marx and the close of his system. In Sweezy (1949).
von Bortkiewicz, L. 1907. On the correction of Marx’s fundamental theoretical construction. In Sweezy (1949).
Author information
Authors and Affiliations
Editor information
Copyright information
© 2018 Macmillan Publishers Ltd.
About this entry
Cite this entry
Vianello, F. (2018). Labour Theory of Value. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1054
Download citation
DOI: https://doi.org/10.1057/978-1-349-95189-5_1054
Published:
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-95188-8
Online ISBN: 978-1-349-95189-5
eBook Packages: Economics and FinanceReference Module Humanities and Social SciencesReference Module Business, Economics and Social Sciences