By Peter C. Dooley
ISBN-10: 0415328217
ISBN-13: 9780415328210
Exploring the origins and improvement of the labour conception of price, Peter Dooley examines its emergence from the traditional legislations thinker of the 16th and 17th century and its domination of the classical institution of economics. This e-book will turn out to be crucial interpreting for all scholars of the heritage of economics.
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Extra resources for The Labour Theory of Value
Example text
I say, that when this man hath subducted his seed out of the proceed of his Harvest, and also, what himself hath both eaten and given to others in exchange for Clothes, and other Natural necessaries; that the remainder of Corn is the natural and true Rent of the Land for that year (Petty 1963 [1662]:43) The labour theory of value 28 This is the rent of land in the popular sense, since it includes the profit on capital goods: the plough, harrow, and so on. It is a residual or surplus in the accounting sense.
The first society arose from the union between man and woman for the procreation and continuation of the species, as Aristotle had maintained. Locke’s particular conception of the state of nature came from Hugo Grotius and Samuel Pufendorf, however, who argued that everyone is naturally equal and that no one is subordinate to anyone else. “This is a State of Liberty” wrote Locke, “yet it is not a State of License” The State of Nature has a Law of Nature to govern it, which obliges every one: And Reason, which is that Law, teaches all Mankind, who will but consult it, that being all equal and independent, no one ought to harm another in his Life, Health, Liberty, or Possessions.
If 200 more make as much commodities, as other Nations will give either their commodities or money for, and if 400 more be employed in the ornaments, pleasure, and magnificence of the whole; if there be 200 Governours, Divines, Lawyers, Physicians, Merchants, and Retailers, making in all 900 the question is, since there is food enough for this supernumerary 100 also, how they should come by it? (Petty 1963 [1662]:30) Cantillon (1931 [1755]:87–93) presented a similar analysis. Murphy (1986:260) concluded that “It was Cantillon’s analysis which no doubt inspired Quesnay to encapsulate the process in the tableau économique” Schumpeter (1954:217–23) argued that Cantillon is the link between Petty and Quesnay.
The Labour Theory of Value by Peter C. Dooley
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