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Alexey
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An Inquiry into the Nature and Causes of the Wealth of Nations, by Adam Smith

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Labour alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared. It is their real price; money is their nominal price only.
Patrick Peterson
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Patrick Peterson
Big problem for Smith, and all classical economists, not solved till 1872-5 when Carl Menger, WS Jevons and Walras independently came up with the subjective marginal theory of value.
Alexey
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Alexey
As I understand, Smith here dealt with a different problem: how to measure value in dynamics, while marginal theory is for static purpose only; though it is indeed the major progress in economics.
Patrick Peterson
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Patrick Peterson
Value is subjective, in every individual, not objective, nor measurable. Static/dynamic, makes no difference. This is elaborated by the Austrian school of economics, starting with Carl Menger, but rea…
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An Inquiry into the Nature and Causes of the Wealth of Nations
An Inquiry into the Nature and Causes of the Wealth of Nations
by Adam Smith
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