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

By Rory O'Donnell

This e-book appears to be like on the price and distribution debates at the theories of Adam Smith. quite a few the features of his paintings are coated during this ebook equivalent to his labour command degree, as are a few interpretations and criticisms.

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2. Book I, Chapter vi: produce = wages + profits + rents. Book 11, Chapter iii: produce = profits + rent + capital. Put another way, were this capital to be 'resolved' it would not all be resolved into wages. Second, it is important that in considering accumulation Smith subtracted from total output the replacement of all means of production and identified the remainder, profits and rents, as the source of capital accumulation. l1). 3 GROSS AND NET REVENUE It is my view that Smith's clear definition and use of the concept of surplus when considering accumulation (Book 11, Chapter iii) has been obscured in two ways; first by his resolution of prices into wages, profits and rents (Book I, Chapter vi) and second, by his definitions of 'gross' and 'neat' revenue in the preceding Chapter (ll,ii).

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.

Falling share 01 profits and rents First, in the chapter in which he divided produce into capital and revenue Smith compared the relation between these magnitudes in a rich and in a poor country. He related the fall in the share of profits and rents to the changing relative magnitude of produce and capital: That part of the annual produce, therefore, which, as it comes either from the ground, or from the hands of the productive labourers, is destined for replacing a capital, is not only much greater in rich than in poor countries, but bears a much greater proportion to that which is immediately destined for constituting a revenue either as rent or as profit.

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