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Date: | Fri Mar 31 17:19:13 2006 |
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====================== HES POSTING ==================
Mike Robison is quite correct in pointing out Adam Smith's measure of
value (at least originally) at the beginning of Book l, Chapt. 5 of WEALTH
OF NATIONS.
"The value of any commodity, therefore, to the person who possesses
it..... is equal to the quantity of labour which it enables him to purchase
or command. Labour, therefore, is the real measure of the exchangeable
value of all commodities." And further on "Labour was the first price, the
original purchase money that was paid for all things."
Smith's theory of value was not the same as the Ricardian or Marxist
"Labor theory of Value" which equates value with the socially necessary
labor time involved in production. Rather, it determines value in a
negative sense as the "toil and trouble" saved or as "command" over labor.
Of course, this relates to exchange value and not to use value.
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