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Adam Smith’s Theory of Value and Distribution: A Reappraisal - download pdf or read online

By Rory O'Donnell

ISBN-10: 0312045085

ISBN-13: 9780312045081

ISBN-10: 1349109088

ISBN-13: 9781349109081

ISBN-10: 134910910X

ISBN-13: 9781349109104

This e-book seems to be on the worth and distribution debates at the theories of Adam Smith. various the points of his paintings are lined during this e-book equivalent to his labour command degree, as are a few interpretations and criticisms.

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Extra info for Adam Smith’s Theory of Value and Distribution: A Reappraisal

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However, modern scholars have tended to adopt a different interpretation: for example, Schumpeter (1954, p. 628), Hollander (1973, p. 204) and Blaug (1978, p. 55) all consider that Smith's 'annual produce' was roughly equivalent to the modern definition of national income. If this view is correct then either I am wrong to say that 'annual produce' consisted of final and intermediate goods, or Smith had (at least) two meanings of the term 'annual produce'. In this Section we explore this issue and argue that, despite what can look like evidence to the contrary, Smith had a single concept of annual produce, and that encompassed the total of goods produced during a year.

410, emphasis added). Spengler's view has come to be accepted - especially among those who examine Smith's work in relation to surplus theory. For example, Lichtenstein, following Dobb, says that Smith 'regarded wages to be part of the surplus along with profits and rent' (Lichtenstein, 1983, pp. 68-9; Dobb, 1973, pp. 62--4 and 1975, pp. 333--4). Even Walsh and Gram (1980), who stress the role of profit and rent as a surplus in Smith's work, do not address the question of how he defined surplus and how this definition related to his concepts 'annual produce', 'gross revenue' and 'neat revenue'.

However, it will be demonstrated now that the resolution of annual produce into wages, profits and rent, which dissolves the distinction between 'revenue' and 'capital', and consequently the distinction between necessary consumption and surplus, was, in fact, temporarily dropped by Smith. 5 Surplus and accumulation: suspension of the 'resolution' It remains, in addition, to consider the congruity of Smith's division of produce into profits, rents and wages, in Book I and in Chapters i and ii of Book 11 (and at several other places), and his division of produce into profits, rents, and that part 0/ produce which replaces a capital, in Chapter iii of Book 11 - on accumulation.

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Adam Smith’s Theory of Value and Distribution: A Reappraisal by Rory O'Donnell

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