Marx's Legacy Revisited
Chapter 2: Adam Smith: The “Invisible Hand” and Accumulation
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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