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On Terry Peach’s Unconvincing “Reconsideration†of Adam Smith’s Theory of Value

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  • Roy H. Grieve

Abstract

In a recent paper Terry Peach argues that Adam Smith found no reason to limit application of the labor-embodied theory of value to the early and rude state of society. According to Peach, Smith—having found a problem in employing the labor-commanded measure of value in the case of the contemporary commercial economy—somewhat surreptitiously abandoned labor-commanded and adopted instead labor-embodied as a generally valid theory of exchange value. Peach shows a propensity to find what he considers “labor-commanded†usages in Smith’s work. However, I find Peach’s rather startling “Reconsideration†to be fatally flawed—for the reason that it derives from Peach’s evident misunderstanding of what is implied by the labor-commanded measure of value.

Suggested Citation

  • Roy H. Grieve, 2019. "On Terry Peach’s Unconvincing “Reconsideration†of Adam Smith’s Theory of Value," History of Political Economy, Duke University Press, vol. 51(4), pages 753-777, August.
    • Handle: RePEc:hop:hopeec:v:51:y:2019:i:4:p:753-777
    DOI: 10.1215/00182702-7685224
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