Abstract
The materialist view of the world characteristic of the writings of the classical economists was manifest not only in their concern with production and accumulation, but also in their theories of value. Petty and Cantillon, for example, both argued that the value of commodities is determined by the amounts of land and labour used in their production. Smith dropped land from the calculation, and argued that the value of commodities is determined by the quantity of labour used to bring them to market (at least in the early and rude state of society), though this material approach was somewhat blurred by reference to the ‘toil and trouble’ involved.
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Bibliography
Garegnani, P. 1984. Value and distribution in the classical economists and in Marx. Oxford Economic Papers 36(2): 291–325.
Ricardo, D. 1815. An essay on the influence of a low price of corn on the profits of stock. Reprinted in The works and correspondence of David Ricardo, ed. P. Sraffa, vol. IV. Cambridge: Cambridge University Press, 1951.
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Sraffa, P. 1960. Production of commodities by means of commodities. Cambridge: Cambridge University Press.
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Eatwell, J. (2018). Difficulty or Facility of Production. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_576
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DOI: https://doi.org/10.1057/978-1-349-95189-5_576
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