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Nearer to Sraffa than Marx: Adam Smith on Productive and Unproductive Labour

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  • Rob H., Grieve

Abstract

We investigate Adam Smith’s analysis of the properties of what he called productive - as against unproductive - labour, a concept which commentators have frequently found problematic. Puzzles have been noted and inconsistency alleged. A question arises – did Smith confuse two different concepts of productive labour? We believe that, despite the apparent problems, a coherent reading of Smith’s account of productive and unproductive labour is in fact possible: if productive labour is understood to refer comprehensively to labour which not only maintains but, through producing a net surplus, adds to the community’s stock of wealth – as regards either the financial or the real resources which make possible economic growth – the difficulties with Smith’s treatment largely disappear.

Suggested Citation

  • Rob H., Grieve, 2013. "Nearer to Sraffa than Marx: Adam Smith on Productive and Unproductive Labour," SIRE Discussion Papers 2013-36, Scottish Institute for Research in Economics (SIRE).
    • Handle: RePEc:edn:sirdps:447
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    References listed on IDEAS

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    1. Gough, Ian, 1972. "Marx's theory of productive and unproductive labour," LSE Research Online Documents on Economics 51144, London School of Economics and Political Science, LSE Library.
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    More about this item

    Keywords

    Productive/Unproductive Labour; Basic/Non-basic Goods; Surplus Production;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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