...Terry Peach This article provides a rebuttal of Roy H. Grieve’s critique of Peach 2009, “Adam Smith and the Labor Theory of (Real) Value: A Reconsideration.” It is shown that Grieve cannot represent accurately the position he purports to criticize, that his criticisms are directed at phantom...

... that the lengths to which he went to obtain an association between the concepts of real price/real value and expended labor, ultimately to the point of abandoning his own declared choice of “real measure,” is compelling evidence of his commitment to an albeit rudimentary labor theory of exchangeable value...

... as ‘the measure of value’ indicated neither caprice, inconsistency, ambivalence, nor analytical dichotomy. It constituted, instead, additional evidence of the inherent harmony among the elements in classical doctrine. The real and monetary measures of value were equivalent. They were rationalized...

..., R. 1990 . Adam Smith's Theory of Value and Distribution . London: Macmillan. Peach, T. 2008 . A Note of Dissent on the “Index Number” Interpretation of Adam Smith's “Real Measure.” Cambridge Journal of Economics 32.5 : 821 –26. ———. 2009 . Adam Smith and the Labor Theory of (Real...

... in real income. He introduced the principle of compensation of demands: if the price of a commodity changes, the value of the total demand for other commodities remains unchanged. He relied on this principle to demonstrate that a unilateral removal of trade restrictions can cause real income to fall...

..., and the value system underpinning it, to the experiences of women economists between 1970 and the present. I find that economics remains a “man's field” through structural resistance to women economists, through interpreting women's economic activities as marginal to the “real business” of economics...

... the Hungarian statistical works and debates integrate and feed back into the broader European discourse of Cameralism and the role of “useful knowledge” in making the modern (industrial) economies. It points out the role of statistics in the assessment of the real production value and productivity...

... ‘difficulty of production’ of the real wage, and, consistently with this, (ii) his labor theory of value which purportedly substantiates his notion of the ‘difficulty of production’ of a commodity in general. In the light of our exegesis, we examine whether Sraffa’s ‘standard commodity,’ which...

... Adam Smith on real value labor-commanded labor-embodied labor of acquiring References Hollander Sam . 1973 . The Economics of Adam Smith . London : Heinemann . Meek Ronald L. 1956 . Studies in the Labour Theory of Value . London : Lawrence and Wishart . Naldi...

... that all income components, together with aggregate income, are in real terms. The income of rentiers Y, is not variable in the short run, so that Yr0 indicates a constant value. The effects of an increase in prices upon the distribution of income and consumption and savings will now...

... principal reasonings; but I was impeded by the doctrine of the real measure of value, and the distinction between nominal and real price: the discovery that I did not understand Smith, speedily led me to doubt whether Smith understood...

... The- ory (SEUT) and the real-valued beliefs that go with it. That said, what Keynes and Kyburg have in mind is never far from the surface in the lit- erature on Ellsberg’s (196 1) well-known counterexamples to SEUT. One of them goes like this. There is an opaque urn known to contain thirty red...

... his estimating the real magnitude of the accumulated budget deficit from the value of money notes in circulation, Szturm de Sztrem (1923) pointed out that these notes may be viewed as a debt of the state to the public. In a period of chronic deficits...

... of goods included “the real value of the commodity, and the profit upon alienation.” The real value depended on the productivity of labor, the value of the workman’s subsistence, and the value of the materials. Price could not be less than the real value, but if demand was such that price was higher...

... Keynes’s views on probability. There are two, more substantial, themes in Keynes’s work that divide Jeffreys and Fisher: 1. Keynes argues ([ 19211 1973, chap. 3) that, as a quantitative (real- valued) relation between two propositions @ and +, the “logical” probability Q(@I Imay...

... in The Wealth of Nations and The Theory of Moral Sentiments ,” v. 40, no. 2, pp. 365–82 Stewart Davenport, “ Das Adam Smith Problem and Faculty Psychology in the Antebellum North,” v. 40, supplement, pp. 243–64 Terry Peach, “Adam Smith and the Labor Theory of (Real) Value: A Reconsideration,” v...

..., the Marxian transformation problem is just one manifestation of a more general development in value theory in the past century. The general transformation is from real to money (market) value.’ It is reflected in nineteenth-century recognition that mar- ket price is necessarily but a first...

... is equal to the amount demanded; the amount demanded of hands is equal to the amount sup- plied. Assume that this situation holds with the real wage [IX-8] rate (w/p)4, price level, p4, and interest r4. Thus the expenditure curve corre- sponding to these assumed values intersects the 45º line...

... resembling economists’ theory of choice? Even if utility functions are real-valued, why cannot moral judgments be infinite-valued? Second, these au- thors implicitly use common morality’s disapproval of shortsighted folly as a filter when they refuse to count instances of such ‘irrational’ behavior...

... in a capitalist world. Second, since the value of the capital stock is not independent of the rate of interest, the marginal product of capital cannot deter- mine the rate of interest and factor proportions cannot explain factor shares. Third, since Say’s law does not obtain in the real world...