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Theories of Value from Adam Smith to Piero Sraffa (Paperback)
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Theories of Value from Adam Smith to Piero Sraffa (Paperback)
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This book presents a comprehensive account of more than 200 years
of controversy on the classical theories of value and distribution.
The author focuses on four, perhaps most critical, classics, viz.,
Adam Smith's Wealth of Nations, David Ricardo's Principles of
Political Economy, Karl Marx's Capital and Piero Sraffa's
Production of Commodities by Means of Commodities. The book
highlights several significant differences in the theories of the
four authors as it searches for the 'classical standpoint' that
separates them from the 'moderns'. It throws fresh light on some
old questions while introducing new, controversial interpretations
in the literature surrounding it. It is unique in its organisation
as it first presents the author's close reading of the theories of
value and distribution in the four classics and then critically
engages with the major alternative interpretations and criticisms
of the theories discussed therein. Bringing original insights on
theoretical positions, the book challenges canonical
interpretations so as to discuss and analyse the flaws and
weaknesses, in addition to the already obvious strengths, of widely
celebrated theories. The theories discussed here emerge from
questions like: what role does demand or human psychology play in
the determination of value in classical theory? Do classical
economists determine the distribution of income within the context
of a theory of prices and resource allocation? What role does the
notion of 'equilibrium' play in classical theory and the theory of
Sraffa? It will appeal to academics and students of economic theory
and philosophy, as well as to the general reader.
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