To some scholars, Adam Smith confined the theory according to which exchangeable value is determined by the labor embodied in different goods to societies of independent laborers directly exchanging their products. In 2009, in the pages of the History of Political Economy (HOPE), Terry Peach criticized this view and argued that Smith was committed to a rudimentary labor theory of value that applied to all states of society. 

Peach's argument didn't convince Roy H. Grieve. Ten years later he published in HOPE a criticism of Peach (2009). According to him, Peach found that Smith had troubles in applying the labor-commanded theory of value for the contemporary commercial economy and switched to the labor-embodied labor theory of value that became his general theory, applicable to all states of society. Grieve then argued that Peach's argument was flawed because he misunderstood what is implied by the labor-embodied theory of value.

Peach was offered the chance to respond to Grieve's criticisms and his reply came out in HOPE one year later. Peach argued that Grieve created "phantom targets of his own creation," and didn't grasp central concepts used in his arguments which made him misrepresent the view he was criticizing. Additionally, Peach argued that Grieve was selective in the materials he considered for his arguments.

Roy Grieve wanted to keep the discussion going and we offered him to have a rejoinder, with Terry Peach's replica, as a JHET virtual issue. And this is what you find below. The technology comes to offer us an expedite way of continuing a debate that enriches our understanding of the important issues that are central to Smith's labor theory of value.

Rejoinder by Roy H. Grieve: "On Adam Smith’s supposed commitment to the labour-embodied theory of value: the proof of Peach’s pudding"  

Rejoinder by Terry Peach: "Adam Smith’s “labour theory reasoning”: rejoinder to an intransigent critic" 

Related articles:

Peach, Terry 2009. “Adam Smith and the Labor Theory of (Real) Value: A Reconsideration.”  History of Political Economy 41 (2): 383-406. https://doi.org/10.1215/00182702-2009-007

Grieve, Roy H. 2019. “On Terry Peach’s Unconvincing ‘Reconsideration of  Adam Smith’s Theory of Value.” History of Political Economy 51 (4): 753-7. https://doi.org/10.1215/00182702-7685224

Peach, Terry. 2020. “Adam Smith’s Labor Theory of (Real) Value: The Case of a Misfiring Critique.” History of Political Economy 52 (1): 171-90. https://doi.org/10.1215/00182702-8009597