THE ‘MATERIAL EXPENSES’ APPROACH TO THE THEORY OF VALUE AND DISTRIBUTION IN THE WEALTH OF NATIONS
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ABSTRACT
The paper discusses the influence of physiocratic ideas on Adam Smith’s approach to the theory of value and distribution in The Wealth of Nations (WN). It is shown that Smith attempted to elaborate on the contributions of the Physiocrats by adopting elements of two different approaches to the theory of value and distribution which he found in their writings: A material-based approach and a labor-based one. While tentatively proposing a labor theory of value, Smith also retained elements of the material expenses approach which he had inherited from his precursors. The paper specifically draws attention to some tensions and inconsistencies that arise
from the simultaneous presence of the two different approaches to the theory of value and distribution in the WN.
EL ENFOQUE DE ‘GASTOS MATERIALES’ DE LA TEORÍA DEL VALOR Y LA DISTRIBUCIÓN EN LA RIQUEZA DE LAS NACIONES
RESUMEN
El artículo discute la influencia de las ideas fisiocráticas en el enfoque de Adam Smith sobre la teoría del valor y la distribución en La Riqueza de las Naciones (RN). Adam Smith intentó elaborar su teoría adoptando elementos de dos enfoques diferentes de la teoría del valor y la distribución que encontró en los escritos de los fisiócratas: el enfoque que se basa en la materia y el que se basa en el trabajo. Mientras que de forma tentativa propuso una teoría laboral del valor, Smith también retuvo elementos de la teoría de los gastos materiales que había heredado de sus precursores. Específicamente, el artículo enfatiza algunas tensiones e inconsistencias que surgen de la presencia simultánea de los dos enfoques diferentes de la teoría del valor y la distribución en la RN.
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