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The Labour Theory of Value : Routledge Frontiers of Political Economy - Peter C. Dooley

The Labour Theory of Value

Routledge Frontiers of Political Economy

Hardcover Published: 26th May 2005
ISBN: 9780415328210
Number Of Pages: 304

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Exploring the origins and development of the labour theory of value, Peter Dooley examines its emergence from the natural law philosopher of the sixteenth and seventeenth century and its domination of the classical school of economics. This book will prove to be essential reading for all students of the history of economics.

List of illustrationsp. xiii
Prefacep. xiv
Acknowledgementsp. xvi
Introductionp. 1
The metaphysical settingp. 1
The origin of property, markets, justice and the statep. 4
To the classical school and beyondp. 18
Sir William Petty: the father of political economyp. 20
A brief life of Sir William Pettyp. 20
His methodp. 22
Social accountingp. 23
The origin of value: land and labourp. 26
Productive and unproductive labourp. 28
Two measures of value: land and labourp. 30
Land and rentp. 31
Population and the division of labourp. 35
Money and interestp. 36
Conclusionp. 37
John Locke: the classical perspectivep. 39
A brief life of John Lockep. 39
From the state of nature to civil societyp. 41
The origin of value: land and labourp. 44
Measures of value: money and cornp. 47
The regulation of value: supply and demandp. 48
Rent and taxesp. 50
Money, interest and tradep. 52
Conclusionp. 56
Richard Cantillonp. 58
A brief life of Richard Cantillonp. 58
The origin, measure and regulation of valuep. 59
Wages, interest and rentp. 64
Money and tradep. 68
Conclusionp. 70
Francois Quesnayp. 72
A brief life of Francois Quesnayp. 72
The rule of naturep. 75
Capital theoryp. 77
The origin, measure and regulation of valuep. 78
The Tableau Economiquep. 82
Security, liberty and propertyp. 86
Conclusionp. 88
Francis Hutcheson: Adam Smith's professorp. 91
A brief life of Francis Hutchesonp. 91
The division of labourp. 94
The necessity of barterp. 97
The invention of moneyp. 100
The measure of valuep. 101
The origin and regulation of valuep. 102
Interest and taxesp. 104
Conclusionp. 106
David Hume: Adam Smith's best friendp. 107
A brief life of David Humep. 107
The origin of justice, property and the statep. 109
Labour as the origin of valuep. 113
Prices, incomes and taxesp. 115
Foreign trade and laissez-fairep. 119
Conclusionp. 122
Adam Smith and the labour theory of valuep. 123
A brief life of Adam Smithp. 123
Labour as the origin of valuep. 126
Measures of value: the real price of commodities versus the real price of labourp. 131
The regulation of value in primitive societyp. 135
The regulation of value in civil societyp. 136
Distribution of incomep. 141
Natural liberty and economic welfarep. 146
Justice and taxationp. 150
Conclusionp. 152
David Ricardop. 154
A brief life of David Ricardop. 154
Ricardo corrects Smithp. 156
Labour valuesp. 157
Exceptions, qualifications and modificationsp. 158
Ricardo's measure of valuep. 165
Getting rid of rentp. 167
The Iron Law of Wagesp. 172
The falling rate of profitsp. 175
Money and tradep. 177
Taxing the "toil" of the landlord and the "fruits" of the capitalistp. 180
Conclusionp. 182
Karl Marx: the exploitation of labourp. 184
A brief life of Karl Marxp. 184
The theory of historyp. 185
Marx follows Smith and Ricardop. 188
The theory of commoditiesp. 190
Surplus valuep. 193
Marxian valuesp. 195
The transformation problemp. 198
The exploitation of labourp. 201
Historical tendenciesp. 202
Conclusionp. 208
Classical relics in neoclassical thoughtp. 210
The classical and neoclassical parablesp. 210
Utility as the origin of valuep. 212
Factors of productionp. 214
Ricardian rentp. 217
J. B. Clark: A neoclassical Lockeanp. 221
Concluding pointsp. 225
Two perspectives: scientific and historicalp. 225
Two fallacies: materialist and retrospectivep. 226
Two misinterpretations: labour command and exploitationp. 228
Historical significancep. 230
Notesp. 232
Bibliographyp. 256
Indexp. 274
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780415328210
ISBN-10: 0415328217
Series: Routledge Frontiers of Political Economy
Audience: General
Format: Hardcover
Language: English
Number Of Pages: 304
Published: 26th May 2005
Country of Publication: GB
Dimensions (cm): 24.38 x 15.6  x 2.13
Weight (kg): 0.62
Edition Number: 1