Download e-book for kindle: Adam Smith’s Theory of Value and Distribution: A Reappraisal by Rory O'Donnell

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 appears on the price and distribution debates at the theories of Adam Smith. numerous the facets of his paintings are coated during this e-book resembling his labour command degree, as are a few interpretations and criticisms.

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

Example text

In order to set out clearly my interpretation of Smith I propose to place and discuss this misleading paragraph in a series of notesand follow Smith's actual accounting procedure in the main text. 4). He explicitly used this as an analogy in introducing the idea ofthe gross and net revenue of a wh oie country. 5) he deducted the following three items from annual produce (gross revenue): 1. 2. 911); and 38 3. 13). In effect, to get net revenue from gross revenue, Smith deducted only that part of produce which is used for replacement and enhancement of fixed capital.

One of them, and frequently the largest, is, in the first place, destined for replacing a capital, or for renewing the provisions, materials, and finished work, which had been withdrawn from a capital; the other for constituting a revenue either to the owner of this capital, as the profit of his stock, or to some other person, as the rent of his land. 4) It seems clear that Smith subtracted from total output all that is necessary to production, including workers, wages, and the remainder was profits and rents.

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'. If the prevailing view were correct it would indicate an important difference between Smith, on the one hand, and the physiocrats, Ricardo and Marx, on the other, and would consequently cast doubt 27 28 Adam Smith's Theory 0/ Value and Distribution on the contention that he contributed, like them, to a surplus tradition of theory.

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

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