Value, Competition and Exploitation
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Value, Competition and Exploitation

Marx's Legacy Revisited

Jonathan F. Cogliano, Peter Flaschel, Reiner Franke, Nils Fröhlich and Roberto Veneziani

This book provides a comprehensive and rigorous, yet accessible, analysis of classical and Marxian price and value theory using the tools of contemporary economic analysis. The broad conceptual framework and methodology of Marx and the classical authors offers interesting and relevant perspectives on the basic structure and evolution of modern capitalist economies. Arguably, the book provides a deeper and more nuanced understanding of today's economic problems than can be gained via mainstream approaches.
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Chapter 2: Adam Smith: The “Invisible Hand” and Accumulation

Jonathan F. Cogliano, Peter Flaschel, Reiner Franke, Nils Fröhlich and Roberto Veneziani

Abstract

In the Wealth of Nations, Adam Smith considered a wide range of topics, such as the industrial revolution, the division of labor, the measure and cause of value, the cost-of-production theory of prices, supply determined prices, wages, profits, rent, a social unit of accounting, the trend in prices, banking, productive and unproductive labor, optimum investment patterns, taxation and public debt, and so on. In this chapter, and in the next, we concentrate on two central themes in Smith’s work: the increasing division of labor, and its implications for commodity exchange and prices.

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