... thought have made more of the vent-for-surplus doctrine than Smith ever intended. Or, it is quite possi- ble that for advanced countries Smith never intended for his doctrine to be consistent with his system of perfect liberty: after all, the surpluses of commodities that he used as examples...

... countries,” the paradigm being “the typical case of a peasant export economy.” Later, he suggests that “the vent for surplus theory may be extended on a somewhat different basis to the agricultural surpluses of the advanced countries such as the United States and the EEC countries” (1987b, 804...

..., Mass., 1926 ). Bastable , C. F. , The Theory of International Trade , 4th ed. rev. (London. 1903 ). Caves , Richard E. , “Vent for Surplus' Models of Trade and Growth,” in Trade, Growth, and the Balance of Payments , ed. Caves, Johnson, and Kenen (Amsterdam: North-Holland Publishing...

.... Kurz , Heinz D. 1986 . Classical and Early Neoclassical Economists on Joint Production. Metroeconomica 38 . 1 ( February ): 1 -37. Kurz , Heinz D. 1992 . Adam Smith on Foreign Trade: A Note on the “Vent for Surplus” Argument Economica 59 ( November ): 475 -81. Marshall...

... as the ‘pro- ductivity’ theory and the ‘vent for surplus’ the01-y.~It will be helpful to draw on this distinction in the discussion that follows. The ‘productivity’ theory The ‘productivity’ theory was widely repeated in the nineteenth century. John Stuart Mill, for example, in discussing...

... these ideas played a somewhat peripheral role in classical theorking.” The vent-for-surplus theory does not fit easily into Smith’s overall picture of the workings of the economy,5s and the same might be said of J. S. Mill’s enthusiastic support of E. G. Wakefield’s plans for colonies which...

..., with an Evaluation of the First,” v. 28, no. 3, pp. 441–58 Bruce T. Elmslie, “The Role of Joint Products in Adam Smith's Explanation of the ‘Vent-for-Surplus’ Doctrine,” v. 28, no. 3, pp. 513–23 Jürg Niehans, “Adam Smith and the Welfare Cost of Optimism,” v. 29, no. 2, pp. 185–200 Jerry Evensky...

.... This formulation flies in the face of the vent-for-surplus doctrine also discussed by Smith (pp. 353, 359, 415) according to which the advantages of trade lie in the market opened up for the products of domestic resources which would apparently otherwise be idle, rather than in the more efficient use...

... on the Corn Laws  151 Reinhard Schumacher Adam Smith’s “Two Distinct Benefits” from Trade: The Dead End of “Vent-for-Surplus” Interpretations 577 Norikazu Takami The Baffling New Inflation: How Cost-Push...

..., including the distribution of income and the allocation of political power-a reflection of two circumstances: (i) peasants did not produce a surplus adequate to maintain an influential nonagricul- tural population, and the appearance of this surplus was a prerequisite for the development...

... for commodities, consequently creating de- mand for the work of the industrious classes (1:51–52).11 The farmers produced food and raw materials. Other people, who lived on surplus food provided by farmers, were called “free hands” (1:49).12 Manufacturers produced necessities of life as well as luxuries...

... of surplus value 111 where Marx is probably referring to Ricardo’s $2, for he writes in connection with the existence of skilled and unskilled labour: “Ricardo showed that this fact does not pre- vent the measurement of commodities by labour-time if the relation be- tween unskilled and skilled...

... output and money paradigms. He admirably investigates the Smith-Say connections (pp. 16-19) but fails to discuss Smith’s non-Sayian views, for example his vent-for-surplus concept. Unfortunately, .he also de- votes little attention to the challenges to the Smith-Say-J. S. Mill paradigm...

... of production, still undeveloped in their day. . . . . Profit to them is still amorphously combined with wages, or at best appears to be a portion of surplus value extorted by the capitalist from the landlord.”3 Since the last decades of the twentieth century, however, the view that Cantillon did...

... of a purely theoretical interest, as was done by Marx in his Theories of Surplus-Value, those Prolegom- ena to any future history of political economy that will be able to present itself as science.1 Even so, we owe to this renewed interest the publication of anthologies that make the past authors...

...: to his mind market value was de- termined by the “proportion” between “quantity” (supply) and “vent” (demand), where vent depended upon “necessity or usefulness” (Locke [1691] 1991, 244).4 In keeping with these principles, Locke held that the “value of money” was determined by the plenitude...

... while the wage is still “ample,” thereby pre- venting any further decline (though, of course, the stationary state would be reached sooner than in the falling-wage case): “Were that accom- plished, while the return to capital from the land was yet high, the reward of the labourer would be ample...

... would remain idle is similar to Hla Myint’s (1958) later vindication of Adam Smith’s “vent for surplus” theory of international trade. It dif- fers from the Ricardian comparative-cost theory insofar as its emphasis is not on the increase of effi ciency through the reallocation of resources...

... and the Determination of Economic Policy in Capitalist Society . London:Routledge. Robinson, Joan. [1942] 1969 . An Essay on Marxian Economics . London: Macmillan. Smith, Tony. 2002 . Surplus Profits from Innovation: A Missing Level in “Capital III”? In The Culmination of Capital: Essays on Volume III...

... 4 (June): 175 -86. Kurz, Heinz D. 1986 . Classical and Early Neoclassical Economists on Joint Production. Metroeconomica 38 (February): 1 -37. ____. 1992 . Adam Smith on Foreign Trade: A Note on the“Vent-for-Surplus” Argument. Economica 59 (November): 475 -82. Lardner, Dionysius...