CHAPTER IV

CRITICISM OF THE THEORIES OF ADAM SMITH

§ 1. Principal argument for the labor-command standard a theory of labor as undifferentiated or potential commodity 32

§ 2. Complete failure of this theory to afford an ultimate philosophy of value 34

§ 3. The concept of labor as disutility cost suggests later valid theories, but fails to lead to a satisfactory result 36

§ 4. The arguments, by which Smith supports the labor-command standard, prohibit its use under the conditions of advanced society 39