CHAPTER II

ADAM SMITH’S PHILOSOPHICAL OR PRIMITIVE ACCOUNT OF VALUE

§ 1. Interpretation of Smith’s doctrine of value rendered difficult by a plurality of explanations 16

§ 2. Preliminary observations concerning the use of the terms “labor” and “value” 19

§ 3. The two distinct labor standards in the primitive account—the “labor cost” and the “labor command” standards 20

§ 4. Smith’s conception of quantity of labor 22

§ 5. The labor and the corn measure of value in different times and places 24