The Labour Theory Of Value

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ISBN: 9780415328210 | 0415328217
Cover: Hardcover
Copyright: 7/19/2005

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This book explores the origins and development of the labor theory of value, examining its emergence from the natural law philosopher of the sixteenth and seventeenth century and its domination of the classical school of economics. This book will prove to be essential reading for all students of history of economics.

List of illustrations

xiii

Preface

xiv

Acknowledgements

xvi

1 Introduction

(19)

The metaphysical setting

(3)

The origin of property, markets, justice and the state

(14)

To the classical school and beyond

(2)

2 Sir William Petty: the father of political economy

(19)

A brief life of Sir William Petty

(2)

His method

(1)

Social accounting

(3)

The origin of value: land and labour

(2)

Productive and unproductive labour

(2)

Two measures of value: land and labour

(1)

Land and rent

(4)

Population and the division of labour

(1)

Money and interest

(1)

Conclusion

(2)

3 John Locke: the classical perspective

(19)

A brief life of John Locke

(2)

From the state of nature to civil society

(3)

The origin of value: land and labour

(3)

Measures of value: money and corn

(1)

The regulation of value: supply and demand

(2)

Rent and taxes

(2)

Money, interest and trade

(4)

Conclusion

(2)

4 Richard Cantillon

(14)

A brief life of Richard Cantillon

(1)

The origin, measure and regulation of value

(5)

Wages, interest and rent

(4)

Money and trade

(2)

Conclusion

(2)

5 François Quesnay

(19)

A brief life of François Quesnay

(3)

The rule of nature

(2)

Capital theory

(1)

The origin, measure and regulation of value

(4)

The Tableau Économique

(4)

Security, liberty and property

(2)

Conclusion

(3)

6 Francis Hutcheson: Adam Smith's professor

(16)

A brief life of Francis Hutcheson

(3)

The division of labour

(3)

The necessity of barter

(3)

The invention of money

100

(1)

The measure of value

101

(1)

The origin and regulation of value

102

(2)

Interest and taxes

104

(2)

Conclusion

106

(1)

7 David Hume: Adam Smith's best friend

107

(16)

A brief life of David Hume

107

(2)

The origin of justice, property and the state

109

(4)

Labour as the origin of value

113

(2)

Prices, incomes and taxes

115

(4)

Foreign trade and laissez faire

119

(3)

Conclusion

122

(1)

8 Adam Smith and the labour theory of value

123

(31)

A brief life of Adam Smith

123

(3)

Labour as the origin of value

126

(5)

Measures of value: the real price of commodities versus the real price of labour

131

(4)

The regulation of value in primitive society

135

(1)

The regulation of value in civil society

136

(5)

Distribution of income

141

(5)

Natural liberty and economic welfare

146

(4)

Justice and taxation

150

(2)

Conclusion

152

(2)

9 David Ricardo

154

(30)

A brief life of David Ricardo

154

(2)

Ricardo corrects Smith

156

(1)

Labour values

157

(1)

Exceptions, qualifications and modifications

158

(7)

Ricardo's measure of value

165

(2)

Getting rid of rent

167

(5)

The Iron Law of Wages

172

(3)

The falling rate of profits

175

(2)

Money and trade

177

(3)

Taxing the "toil" of the landlord and the "fruits" of the capitalist

180

(2)

Conclusion

182

(2)

10 Karl Marx: the exploitation of labour

184

(26)

A brief life of Karl Marx

184

(1)

The theory of history

185

(3)

Marx follows Smith and Ricardo

188

(2)

The theory of commodities

190

(3)

Surplus value

193

(2)

Marxian values

195

(3)

The transformation problem

198

(3)

The exploitation of labour

201

(1)

Historical tendencies

202

(6)

Conclusion

208

(2)

11 Classical relics in neoclassical thought

210

(15)

The classical and neoclassical parables

210

(2)

Utility as the origin of value

212

(2)

Factors of production

214

(3)

Ricardian rent

217

(4)

J.B. Clark: A neoclassical Lockean

221

(4)

12 Concluding points

225

(7)

Two perspectives: scientific and historical

225

(1)

Two fallacies: materialist and retrospective

226

(2)

Two misinterpretations: labour command and exploitation

228

(2)

Historical significance

230

(2)

Notes

232

(24)

Bibliography

256

(18)

Index

274

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The Labour Theory Of Value

Summary

Table of Contents

Supplemental Materials

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