Hostname: page-component-78c5997874-ndw9j Total loading time: 0 Render date: 2024-11-09T09:44:21.570Z Has data issue: false hasContentIssue false
  • English
  • Français

Derailing Value Theory: Adam Smith and the Aristotelian Tradition

Published online by Cambridge University Press:  11 June 2009

John C. Winfrey
Get access Rights & Permissions [Opens in a new window]

Extract

The word VALUE, it is to be observed, has two different meanings, and sometimes expresses the utility of some particular object, and sometimes the power of purchasing other goods which the possession of that object conveys. The one may be called ‘value in use;’ the other, ‘value in exchange.’ The things which have the greatest value in use have frequently little or no value in exchange; and, on the contrary, those which have the greatest value in exchange have frequently little or no value in use. Nothing is more useful than water: but it will purchase scarce any thing; scarce any thing can be had in exchange for it. A diamond, on the contrary, has scarce any value in use; but a very great quantity of other goods may frequently be had in exchange for it (Smith 1776, I, iv, p. 42).

Type
Articles
Information
Journal of the History of Economic Thought , Volume 15 , Issue 2 , Fall 1993 , pp. 301 - 319
Copyright
Copyright © Cambridge University Press 1993

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Aristotle, . 1984. The Complete Works of Aristotle, 2 vols., edited by Jonathan, Barnes, Princeton University Press, Princeton.Google Scholar
Beccaria, Marchese di, Cesare, Bonesana. 1764. La Massima Felicità Divisa Nel Maggiov Numero, Milan.Google Scholar
Beccaria, Marchese di. 1803–1816. Elementi di Economia Pubblica, edited by Custodi, P., in Scrittori Classici Italiani di Economia Politica, 50 vols.Google Scholar
Davanzati, Bernado. 1588. Legione Delle Moneta.Google Scholar
Diogenes, Laertius. 1925. Lives of Eminent Philosophers, translated by Hicks, R. D., Harvard University Press, Cambridge, Massachusetts.Google Scholar
Douglas, Paul. “Smith's Theory of Value and Distribution,” Adam Smith 1776–1926; Lectures to Commemorate the Sesquicentennial of the Publication of “Wealth of Nations,” edited by Clark, J. M., University of Chicago, Chicago, 1928.Google Scholar
Galiani, Ferdinando. 1751. Della Moneta.Google Scholar
Grotius, Hugo. 1625. Dejure Belli ac Pacis.Google Scholar
Hollander, Samuel. 1973. The Economics of Adam Smith, University of Toronto Press, Toronto.CrossRefGoogle Scholar
Hollander, Samuel. 1979. The Economics of David Ricardo, University of Toronto Press, Toronto.Google Scholar
Hollander, Samuel. 1985. The Economics of John Stuart Mill, University of Toronto Press, Toronto.Google Scholar
Hutcheson, Francis. 1747. Introduction to Moral Philosophy, Glasgow.Google Scholar
Hutcheson, Francis. 1755. System of Moral Philosophy, Glasgow.Google Scholar
Hutchison, Terence. 1988. Before Adam Smith, Basil Blackwell, Oxford.Google Scholar
Kauder, Emil. 1953. “Genesis of the Marginal Utility Theory,” Economic Journal, 66, 638–50.CrossRefGoogle Scholar
Kauder, Emil. 1965. A History of Marginal Utility Theory, Princeton University, Princeton.CrossRefGoogle Scholar
Langholm, Odd. 1979. Price and Value in the Aristotelian Tradition, Universitetsforlaget, Oslo.Google Scholar
Law, John. 1705. Money and Trade Considered, with a Proposal for Supplying the Nation with Money, first published at Edinburgh; R. and A. Foulis, Glasgow, 1750.Google Scholar
Lowry, S. Todd. 1987. The Archeaology of Economic Ideas, Duke University Press, Durham.Google Scholar
Mill, John Stuart. 1965. Principles of Political Economy in Collected Works of John Stuart Mill, University of Toronto, Toronto.Google Scholar
Plato, , Protagoras, translated by Taylor, C. C. W., Clarendon, Oxford, 1976.Google Scholar
Pufendorf, Samuel von. 1672. De Jure Naturae et Gentium.Google Scholar
Pufendorf, Samuel von. 1724. De officio, hominis et civis, juxta legen naturalem, edited by Carmichael, Gersham, Edinburg, 1724.Google Scholar
Ricardo, David. 1951. The Works and Correspondence of David Ricardo, 11 vols., Cambridge University Press, Cambridge.Google Scholar
Robertson, H. M. and Taylor, W. L.. 1957. “Adam Smith's Approach to the Theory of Value,” Economic Journal, 181–98.CrossRefGoogle Scholar
Schumpeter, Joseph A. 1954. History of Economic Analysis, George Allen and Unwin, New York.Google Scholar
Smith, Adam. 1751–1752, 1762–1763, 1766. Lectures on Jurisprudence, edited by Meek, R. L., Raphael, D. D. and Stein, P. G., Clarendon Press, Oxford, 1978.Google Scholar
Smith, Adam. 1776. An Inquiry into the Nature and Cause of the Wealth of Nations, edited by Campbell, R. H., Skinner, A. S. and Todd, W. B., Oxford University Press, Oxford, 1976.CrossRefGoogle Scholar
Stephenson, Matthew. 1972. “The Paradox of Value: A Suggested Interpretation,” History of Political Economy, 13, 127–39.CrossRefGoogle Scholar
Verri, Count Pietro. 1760. Elementi del Commercio.Google Scholar
Verri, Count Pietro. 1771. Meditazioni sull' Economia Politica.Google Scholar
Winfrey, John C. 1992. “Adam Smith on Value in Use and Value in Exchange,” Perspectives on the History of Economic Thought, edited by Todd Lowry, S., Edward Elgar, Aldershot, England.Google Scholar
Xenophon, . 1970. Oeconomicus, translated by Leo, Strauss, Cornell University Press, Ithica.Google Scholar