Show Summary Details

Page of

PRINTED FROM OXFORD HANDBOOKS ONLINE ( © Oxford University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a title in Oxford Handbooks Online for personal use (for details see Privacy Policy and Legal Notice).

date: 05 May 2021

Abstract and Keywords

This chapter considers the evolution of the way Smith presented his analysis of value and prices from the to and its importance to understand the structure that that analysis assumes in , where it pivots on the concepts of real price, real measure of exchangeable value, natural price, market price, wages, rate of profits, and rents. Special attention is devoted to the relationship between the concepts of quantity of labour employed in the production of a commodity and quantity of labour that the same commodity may command when exchanged in the market as well as to the possibility that this distinction is developed by Smith into an analysis which may appear either to put forward a labour theory of value or to deny its validity.

Keywords: Adam Smith, price, value, labour commanded, labour employed in production, labour embodied

Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.

Please subscribe or login to access full text content.

If you have purchased a print title that contains an access token, please see the token for information about how to register your code.

For questions on access or troubleshooting, please check our FAQs, and if you can''t find the answer there, please contact us.