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Published in:
1990 | OriginalPaper | Chapter
Smith as ‘Cost of Production’ Theorist
Author : Rory O’Donnell
Published in: Adam Smith’s Theory of Value and Distribution
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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In a great many commentaries it has been said that Smith had a‘cost of production theory of value’. What inferences are drawn from this concerning Smith’s position in the development of theories of value and distribution clearly depends on what is meant by ‘cost of production theory’. Statements on the nature of the ‘cost of production theory’ in Smith’s work can be classed into three categories.