...exchanging them for one another. If among a nation of hunters, for example, it usually cost twice the labor to kill a beaver which it does to kill a deer, one beaver would naturally exchange for, or be worth two deer. It is natural that what is usually the produce...

...paid for that labour ".J He then takes up Smith's well-known example of the beaver and the deer ("if it usually cost twice the labour to kill a beaver...should naturally exchange for, or be worth two deer") and declares that the principle which it is used to illustrate, that labour "is really the foundation...

..."If among a nation of hunters . . . it usually costs twice the labour to kill a beaver which it costs to kill a deer, one beaver should naturally exchange for or be worth two deer." 1 I The classical theory of exchange value is summarized in this statement. Adam Smith was not so careful...

..."If among a nation of hunters . . . it usually costs twice the labour to kill a beaver which it costs to kill a deer, one beaver should naturally exchange for or be worth two deer."1 The classical theory of exchange value is summarized in this statement. Adam Smith was not...

...correspond to labor-time ratios. If among a nation of hunters, for example, it usually costs twice the labor to kill a beaver which it does to kill a deer, one...is usually the produce of two days' or two hours' labor should be worth double of what is usually the produce of one day's or one hour's labor. [Smith,...

...for one another. If among a nation of hunters, for example, it usually costs twice the labour time to kill a beaver which it does to kill a deer, one...should naturally exchange for or be worth two deer [p. 150]. and in contrast he observed: As soon as stock has accumulated in the hands of particular...

...proportion to the quantities of labour necessary for producing them. As he quoted from Adam Smith, 'If among a nation of hunters, for example, it usually...should naturally exchange for, or be worth two deer' (p. 13). This primitive labour theory of value, however, does not hold true in a more developed industrial...

...any rule for exchanging them for another. If among a nation of hunters, for example, it usually costs twice the labour to kill a beaver which it does to...is natural that what is usually the produce of two day's or two hour's labour, should be worth double of what is usually the purchase of one day's or...

...explicitly anthropological context, Smith declares that "if among a nation of hunters, ... it usually costs twice the labour to kill a beaver which it does to...should naturally exchange for or be worth two deer" (VWV1:53). The example shows by its seemingly deliberate implausibility that the notion of "labour"...

...exchanging them for one another. If among a nation of hunters, for example, it usually costs twice the labor to kill a beaver which it does to kill a deer, one...should naturally exchange for or be worth two deer. . . . In this state of things, the whole produce of labor belongs to the laborer. But once capital...