 | Roger Backhouse - Business & Economics - 2000 - 482 pages
...it can be exchanged. So in Book I. chap, v., Smith begins by saying that the Value of any commodity is equal to the Quantity of Labour which it enables him to command or purchase. Hence, if / denotes labour, A = /, a/, 3/, 4/ . . . He then says in the next paragraph... | |
 | Steven Schroeder - Philosophy - 2000 - 164 pages
...commodity. ..is equal to the quantity of labor which it enables [its owner] to purchase or command. Labor, therefore, is the real measure of the exchangeable value of all commodities. The real price of everything, what everything really costs to the man who wants to acquire it. is the... | |
 | P. D. Anthony - Business & Economics - 2001 - 354 pages
...according to the quantity of that labour which he can command, or which he can afford to purchase . . . Labour, therefore, is the real measure of the exchangeable value of all commodities' (Smith 1828 : 38). In an ideal state of affairs the wages paid to labour would equal its product: 'In... | |
 | James Bowen, Margarita Bowen - Technology & Engineering - 2011 - 746 pages
...to a number of confusions. He writes in his first paragraph, "the value of any commodity, therefore, to the person who possesses it, and who means not...measure of the exchangeable value of all commodities." From this statement Smith is often assumed to have argued for a "labor theory of value." He does go... | |
 | Michel Foucault - Education - 2002 - 452 pages
...exchange' to the quantity of labour applied to its production: The value of any commodity, therefore, to the person who possesses it, and who means not...quantity of labour which it enables him to purchase or command.2 In fact, the difference between Smith's analyses and those of Turgot or Cantillon is less... | |
 | Noel W. Thompson - Business & Economics - 2002 - 266 pages
...labour they commanded rather than the labour they embodied: The value of any commodity, therefore, to the person who possesses it, and who means not...to the quantity of labour which it enables him to purchase.'28 Now such lines of argument quite obviously lent themselves to the development of a particular... | |
 | Frederick L. Nussbaum - Business & Economics - 2002 - 492 pages
..."is equal to the quantity of labor which it enables him [the owner] to purchase or command. Labor, therefore, is the real measure of the exchangeable value of all commodities." What Smith saw clearly, and where he made his revolutionary contribution, was that wealth somehow came... | |
 | Gordon Bigelow - Literary Criticism - 2003 - 246 pages
...to a number of confusions. He writes in his first paragraph, "the value of any commodity, therefore, to the person who possesses it, and who means not...measure of the exchangeable value of all commodities." From this statement Smith is often assumed to have argued for a "labor theory of value." He does go... | |
 | James C. W. Ahiakpor - Business & Economics - 2003 - 278 pages
...or disutility. In developing the argument, Smith also notes that the value of a commodity to anyone who "means not to use or consume it himself, but to...labour which it enables him to purchase or command" because labor - "the toil and trouble of" acquisition - is the real cost of a commodity (WN, 1: 34).... | |
 | Adam Smith - Business & Economics - 2004 - 260 pages
...labour which he can command, or which he can afford to purchase. The value of any commodity, therefore, to the person who possesses it, and who means not...measure of the exchangeable value of all commodities. The real price of every thing, what every thing really costs to the man who wants to acquire it, is... | |
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The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command. Labour, therefore,... 
