Ever since the time of his early interpreters, beginning with David Hume, Adam Smiths theory of value has been the subject of confusion and misunderstanding'including a controversy which still rages over whether Smith held a labour theory of value, and, if so, whether he held to it throughout Wealth of Nations, or if it was confined to the 'Early and Rude State'? This book provides a close reading of Smiths key text, and also incorporates material from the other parts of Smiths oeuvre, especially from The Theory of Moral Sentiments, to yield original and important insights into Smiths 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 labour 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.
Part I Preliminaries Chapter 1 Are Smith and Marx on the Same 'Real Value' Page? Chapter 2 The Doctrine of Nature: Natural Sentiments and Natural Orders Chapter 3 The Doctrine of Philosophy: Utilitarianism or Consequentialism? Part II Value Chapter 4 The Value Theory Questions Chapter 5 Answers 1: Real vs. Nominal Price Chapter 6 The Answers 2: Beaver and Deer Hunters in the Early State Chapter 7 The Answers 3: The Advanced State Chapter 8 The Answers 4: Of the Natural and Market Price of Commodities Part III Distribution Chapter 9 Wages and Distributive Justice: Rawlsian Themes in Adam Smith Chapter 10 Rent and Profit Chapter 11 Adam Smith as a Surplus Theorist Chapter 12 Conclusion
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