Studies in the labor theory of value second edition

RONALD L MEEK STUDIES IN THE LABOR THEORY OF VALUE RONALD L MEEK Second Edition With a New Introduction by the Author Monthly Review Press New York and London Copyright© 1956 by Ronald L Meek All Rights Reserved Second Edition 1973 Library o f Congress Cataloging in Publication Data Meek,Ronald L Studies in the labor theory o f value First ed published in 1956 under title: Studies in the labour theory of value Includes bibliographical references and index Value Marxian economics I Title [HB201.M351975] 335.4'12 74-7792 First Printing Monthly Review Press 62 West 14th Street, New York, N.Y 10011 21 Theobalds Road, London WC1X 8SL Manufactured in the United States of America This edition not to be sold in the United Kingdom, the British Empire, or the countries of the British Commonwealth, except Canada CONTENTS Page In t r o d u c t i o n t o t h e S e c o n d E d i t i o n i P r e f a c e t o t h e F ir s t E d i t i o n C h a p te r O n e V a l u e T h e o r y B efore A d a m The The The The The Canonist Approach to the Value Problem Mercantilist Theory o f Value Transition to Classical Value Theory Classical Concept o f “ Natural Price’* Classical Concept o f Labour Cost C h apter T w o A d a m the Sm it h Sm it h a n d th e 45 The Theory of Value in the “ Glasgow Lectures” The Transition to the “ Wealth of Nations” The Theory o f Value in the “ Wealth o f Nations” (a) The “ Real Measure” of Value (b) The “ Regulator” of Value (c) The Role o f Utility and Demand (d) The Reduction o f Skilled to Unskilled Labour The Place o f Smith in the History of Value Theory of th e 12 14 18 24 32 D evelopm ent of L abour T heory C h a p te r T hree D a v id R ic a r d o a n d ii the 45 53 60 60 69 72 74 77 D evelopm ent L abour T heory Some General Considerations Ricardo’s Treatment o f Value Prior to 1817 The Theory o f Value in the First Edition o f the “ Principles” The Theory o f Value in the Third Edition o f the “ Principles” The Final Stage: The Development o f the Concept of Absolute Value The Place o f Ricardo in the History o f the Labour Theory 82 82 86 97 105 no 116 STUDIES IN THE L ABO UR THEO RY OF VALUE Page (I) -1 1 The Development o f Value Theory from Ricardo to Marx 121 The Early Development o f Marx’s Economic Thought 129 Marx’s Economic Method 146 C h a p te r F o u r K a r l M a r x ’s T h e o r y o f V a lu e (II) Concept o f Value in Chapter o f “ Capital” Refinement and Development o f the Concept Application of the Concept Analysis in Volume III o f “ Capital” C h a p t e r F iv e K a r l M a r x ’ s T h e o r y o f V a l u e The The The The 157 157 167 177 186 C h a p t e r Si x T h e C r it iq u e o f t h e M a r x i a n L a b o u r T heory 201 Introduction Pareto’s Critique Bernstein’s Critique The Critiques o f Lindsay and Croce The Critiques of Lange, Schlesinger Robinson Conclusion C h apter Sev en T he R e a p p l ic a t io n of th e 201 204 211 215 and Joan 225 239 M a r x ia n L abour T heory The “ Marginal Revolution” and its Aftermath The Operation of the “Law o f Value” under Socialism The Operation o f the ‘Law o f Value” under Monopoly Capitalism 243 243 256 284 A p p e n d ix : K a r l M a r x ’s E c o n o m ic M e t h o d 299 In d e x 319 INTRODUCTION TO THE SECOND EDITION This book, which was first published as long ago as 1956, has been out o f print for many years I understand, however, that there has continued to be a certain demand for it, and that this has increased somewhat during the past five years or so— as a result, no doubt, of the recent resurgence o f interest in Marx, particularly among young people The publishers have therefore suggested to me on a number of occasions that the time might be ripe for a revised second edition, and have shown remarkable patience in the face o f the ill-disguised delaying tactics which, until very recently, I felt obliged to adopt M y initial reluctance to sit down and revise the book was due in the main to the pressure o f other concerns and interests, coupled with a realisation that since I had not kept up with some o f the relevant literature the task of revision would probably be very time-consuming indeed In addition, I was worried about the nature and extent o f the revisions which might turn out to be necessary as a result of certain changes which had taken place in some o f my political views When I finally came round to reading the book again, however, my worries on the latter score were considerably lessened It was certainly true, I found, that I had rather tended to treat the labour theory o f value as if it were one of the Thirty-nine Articles, and that this had led to an undue defensiveness and didacticism which now appeared somewhat quaint and old-fashioned But it did seem to me that it was the manner of the book, rather more than the matter, which had been affected by this In the case of most o f the major points which now needed correction or elaboration, the reasons why they needed it had very little directly to with politics at all In view o f all this, I was happy to agree to a second-best solution, to the effect that the text of the book should be photographically reproduced from the original edition o f 1956 without any alteration whatever, but that it should be prefaced by a new introduction which would indicate some of the main ways in which I felt the book needed up-dating and revision, and followed by an article on Marx’s economic method (written in 1966 on the basis of an earlier piece dating from ii STUDIES IN THE L AB OUR TH E OR Y OF VALUE 1959) which summed up my attitude towards Marxian economics in general.1 The present volume, for better or for worse, is the result This introduction, which makes use o f several o f the themes in the article at the end and carries one or two o f them rather further, surveys the successive chapters o f the book in some detail, in an en­ deavour to identify the main points which seem to me today to call for clarification, development, or alteration I fear that the number o f questions I shall ask in the introduction rather exceeds the number o f answers that I shall be able to give, but I hope at any rate that the questions are the right ones, and that my asking them will stimulate further debate in this important and interesting field In most cases, the editions o f cited works which I have used in the introduction and the article at the end are the same as the editions which I used in the original book The most important exception to this is Marx’s Capital: in the original book I used the Allen and Unwin edition of Volume I and the Kerr editions o f Volumes II and III, whereas in the introduction and the article I have used the English editions o f Volumes I, II, and III published by the Foreign Languages Publishing House, Moscow, in i954> 1957, and 1959 respectively The Labour Theory o f Value before Marx So far as the first three chapters o f the book are concerned, there are only a few individual points which I would wish to develop or alter were I rewriting the book from the beginning, but there is one rather important additional theme which I would probably want to elaborate alongside the others Let me deal first, very briefly, with the individual points, and then outline this additional theme In the first chapter, on value theory before Smith, I make a fairly hard and fast distinction between the “ Canonist” approach on the one hand and the “ Mercantilist” approach on the other As a concession to certain o f the views expressed by Schumpeter in his History o f Economic Analysis (1954) would now prefer to call the two stages “ Aristotelian-Scholastic” and “ Neo-Scholastic-Mercantilist” respec­ tively, in order to make it clearer that certain o f the later scholastic doctors made important positive contributions to what I call in the book the “Mercantilist” theory I would still wish to claim, however, In the version reprinted here, this article was written for m y Economics and Ideology and Other Essays (London, Chapm an and H all, 1967) I am indebted to Messrs Chapm an and H all for allow in g it to be republished in the present volum e I N T R O D U C T I O N TO THE SE C O N D E D I T I O N iii as against Schumpeter, that there was an essential difference between the value theories of the two stages.1 The only other point in relation to the first chapter is that if I had known more about early French and Italian economic thought when I wrote the book, I would have emphasised that the developments described in sections 3, 4, and were essentially British, and that the traditions inherited by Smith’s opposite numbers in France and Italy towards the end o f the eighteenth century were different in certain quite important respects So far as the second chapter, on Smith’s theory of value, is concerned, the first point is that since I wrote the book a new set of student’s notes of Smith’s Glasgow lectures has been discovered.2 This set o f notes, so far as it goes, is much fuller than the set published by Cannan in 1896, and my feeling from a preliminary inspection o f the manu­ script is that some o f my judgements in the first section o f the second chapter may now be open to question,3 although I not think that the broad conclusions will be seriously affected Second, if I were rewriting the book I would extend, and give more prominence to, the passage on pp 51-3 about Smith’s use o f a materialist conception o f history, making particular reference to his theory o f the development of society through the hunting, pastoral, agricultural, and commercial stages This “ four stages” theory, as I now see it, was one of the major factors in the development o f the new science o f society which began to emerge, in France as well as in Britain, in the latter half o f the eighteenth century.4 Third, now feel that in my account o f Smith’s treatment o f the measure o f value I may have underestimated the extent to which this treatment represented not only a stage in the development o f his theory o f the determination o f value but also an attempt to solve the index-number problem I not think that this really affects the essence o f my interpretation, but it does mean that it was perhaps over-simplified The third chapter, on Ricardo’s theory of value, in which I was fortunate in being able to draw heavily on Mr Sraffa’s remarkable introduction to his edition o f Ricardo’s works, does not seem to me to I have developed this point in m y Economics and Ideology, pp 200-1 See also below , pp 295-6 T h e n ew lecture notes are being edited b y Professor P Stein, Professor D Raphael, and m yself, and w ill, it is hoped, be published (as one o f the volum es in a new edition o f Sm ith’s w orks and correspondence) w ithin the next three or four years In particular, I m ay have slightly underestimated the extent to w hich Smith, in his lectures, anticipated the concept o f a natural rate o f profit w hich was later to feature so prom inently in the Wealth o f Nations C f m y article on “ Sm ith, T u rgo t, and the ‘Four Stages* T h eo ry ” in The History o f Political Economy, V o l 3, N o I, Spring 1971 iv STUDIES I N THE LA BOU R TH E OR Y OF VALUE need much alteration Were I rewriting it, however, I would try to clarify the illustration on p 104 a little,1 and in my account o f Ricardo’s theory I would lay more emphasis on the fact that Ricardo thought in terms o f an intensive, as well as an extensive, margin in agriculture Then again, being now able to look at Ricardo’s discussion o f the invariable measure o f value from the vantage-point o f Mr Sraffa’s Production o f Commodities by Means o f Commodities (i960), I would probably lay rather more emphasis on the first of the two “ reasons” noted in the second paragraph on p 112 And finally, instead of merely noting Ricardo’s assumption that savings were made almost exclusively out o f profits (p 84), I would feel obliged to adduce some kind of an explanation for it The additional major theme, mentioned above, which I would probably now wish to develop in association with the others, arises out o f my discussion in chapter o f the emergence o f the Classical concept o f a natural rate o f profit on capital, and concerns an important methodological difference between the way in which Smith explained the working o f the economic machine and the way in which his great contemporary Turgot explained it During the seventeenth and early eighteenth centuries, as capitalism developed, an important distinction began to be made between money which was “passively” utilised (by lending it out at interest, or using it to buy a piece of land), and money which was “ actively” utilised, either in agriculture or in “ trade” (cf below, p 25) As the eighteenth century progressed, a further distinction came to be made, within the general category “ trade” , between the two separate activities o f merchanting and manufacturing Here, then, were five different ways in which a stock o f money could be utilised so as to yield a revenue: lending it out at interest, using it to buy a piece of land, and employing it in order to set up as an entre­ preneur in agriculture, merchanting, or manufacturing; and it gradually came to be recognised that it was in a sense through the utilisation of money m these ways, and in particular through the transfer of money from one use to another by its owners, in search of the highest reward, that a capitalist economic system worked Now all these ways of utilising money had one important feature in The point at issue can be seen m ore clearly i f one imagines that industry A in m y example is the gold-producing industry Since the price o f a given output o f gold, or gold coins, cannot alter, it follow s that w hen wages rise b y 10 per cent, capital in industry A w ill lose exactly the amount w hich labour gains, thus low ering the rate o f profit there to 9^f per cent, and that the prices in industries B and C w ill then have to adjust in such a w ay as to yield a profit o f ^ per cent in these tw o industries as w ell I N T R O D U C T I O N TO THE S E C O N D E D I T I O N V common: they resulted in the receipt of a revenue which was related common feature seemed (at any rate to pre-Marxian writers) to warrant the use of a common term, capital, for money employed in any o f the uses But there was also an essential difference, both quali­ tative and quantitative, between the rewards obtainable from the “passive” and “ active” uses respectively The rewards from the “active” uses, it came to be postulated, were essentially associated with the employment o f wage-labour, whereas the others were not; and the rewards from the “ active” uses were normally higher than those from the “ passive” uses The great question was how to incorporate all these facts and distinctions into a kind of working model of the new form o f society which was emerging The way in which Smith tackled the problem, speaking very broadly, was this The three basic social classes, he stated, consisted o f those who employed their capital in “ active” uses, and who lived by profit; those who were hired by them, and who lived by wages; and those whose capital was embodied in land, and who lived by rent (cf below, pp 53-4) Profit, wages, and rent were the three primary forms o f income, from which all other forms o f income were ulti­ mately derived The mobility o f capital between its two “passive” uses resulted in the establishment of a “ natural” relationship between the level of interest and that o f rent;1 and, more important, the mobility o f capital between and within its three “ active” uses resulted in the formation o f a “ natural” or average rate o f profit on the capital employed in these uses.2 When it came to the question o f the relation­ ship between rent and interest on the one hand and profit on the other, however, Smith based his explanation not on the mobility o f capital between its “passive” and “active” uses, but on the facts (a) that interest was “ derived from” or “ paid out o f” profit,3 and (1b) that rent was essentially what was left over from the net product o f land after the normal profit due to the capitalist farmer had been deducted.4 Turgot, in his Reflexions sur la Formation et la Distribution des Richesses, tackled the problem in a manner which in one vital respect was radically different In Turgot’s model, as in Smith’s, the system worked Wealth o f Nations, ed E Cannan (London, 1904), Subject, o f course, to differences in “ the profits differences in “ the agreeableness or disagreeableness security w ith w hich it is attended” ( Wealth o f Nations, Ibid., V o l I, pp 97-9 Ibid., V o l I, p 145 V ol I, p 339 o f different trades*’ arising from o f the business, and the risk or V ol I, p 113) INDEX Absolute Value and Exchangeable Value (D Ricardo), n o , 114 Abstinence, 123, 24$, 246 Accum ulation, x x x v iii, 33, 46 ff., » 56, 57 ff-, ff, , , , , 92 , , , 10 ,10 1, 105, 137, 144, 184, 186, 247, 301, 316, 317 See also Capital Adam Smith and the Classical Concept o f Profit (R L M eek), 54 Adam Smith as Student and Professor (W R Scott), 47, 55, 56, 61 Adams, H P., 131, 132, 134 Agriculture, iv, 24, 25, 26, 30, 57, 59, 89, , 91 92 , , , 140, 150, , 212, 265, 270, 273, 274, 277, 280, 281, 293 See also Land Alienation, vii ff., 136 f f , 174, 175, 176 A llocation o f resources, 58, 227, 228, 247, 248, 249 See also C apital, Labour American Economic Review, 269, 270, 271, 272, 273, 274, 276 Anecdota (A Ruge), 132 A nnenkov, P., 143 Anti-Diihring (F Engels), 55, 86, 150, 152, 170, 182, 219, 223, 257, 258, 259, 262, 264 Aquinas, 12, 13, 14, IS Aristotle, ii, 13, 216, 295 Austrian(s), 250, 251, 252, 254 Autobiography (J S M ill), 246 198-200,287 — — production, simple, x v, x x iv , x x x ii, 129-30 x x x iv , x x x v i, xl, 66, 155, 156, 180, — and the concept o f labour cost, 33 ff., 182, 198, 218, 232, 266, 268, 287, ff — defined, 11 288 ff., 303, 304, 30S, 306, 311 — influence of, on M arx, 135 ff — production, socialist, 256 ff — on accumulation, 83-5 — relation, 277-8, 280, 306, 308 175 179 305 307 308 315 317 193 314 309 313 — struggle, 134 140, 146 135 321 INDEX C om m odity(ies)— cont See also Capitalism , Pre-capitalist socie­ ties, Production Common Sense o f Political Economy (P H W icksteed), 251 Com m unism , ix , 132, 199, 258, 260, 262, 265, 267, 275, 277, 280, 281 Communist Manifesto (M arx and Engels), I I» C om petition, vi, vii, viii, xiv, xvi, xvii, x x v , u , 23, 27, 30, 32 , , , , 144, ,1 ,1 7 , 181, 187, 188, 190, 209, 210, 227, 231, 276, 284, 286, 291, 303, 305, 307, 308, 312, 316 foreign, 17, 19, 27 internal, 18, 27 — o f capitals, x v i, x x x v ii, xliii, 88,89,181 — o f labourers, 50 See also Capitalism, Price C oncept o f difference, 222-s Condition o f the Working Class in England in 1844 (F Engels), 141 Considerations on the East-lndia Trade, 39 Constant returns, xvii, x x x v , x liv , 35,74,178 Consum ption, x x x v , ,2 ,3 ,9 ,9 ,1 1 , 139, 142, 151, 153, , , 163, 257, 305 means of, 260 surplus over, 60, 14s, 278 theory of, 51, 73, 248, 252 — goods, x x i, 194, 195, 196, 279 See also W ants Conversations on Political Economy (J M arcet), 128 C o m fo rth , M , C o m Laws, 84, 1-2, 247 C ost, 44, 66, 67, 73, 123, 183, 231, 240, 245, 251, 252, 261 opportunity, vi, 250, 252 paid-out, 26, 27, 49, 59 prim e, 27, 30, 31 producers’ , 12, 16, 18 real, 123, 245, 246, 250, 251, 252 w age, x x x v , 22, 23, 34, 83 — accounting, 272 — o f production, 11, 14, 18, 22, 28, 32, , , , 98, 103, 16, 119, 123, 162, 213, 245, 250, 271, 279, 294, 308 — o f training, 77, 170-3 — o f transport, 12, 269 See also Price, Production, T h eo ry o f Value, Value, W ages Cotterill, C F., 122 Credit, viii Crisis, 228, 238, 259, 271, 312, 314 Critique o f Political Economy (K M arx), viii, xii, 11, 39 45, 64, 86, 131, 134, 141, 142, 146, 148, 149 150, 152, 158, 161, 162, 163, 165, 166, 167, 170, 174, 177, 179, 246, 296, 302 312 33 50 94 98 154 155 35 37 44 77 Critique o f the Gotha Programme (K M arx), 186, 259, 260 Critique of the Hegelian Philncnphy o f Tgw (K M arx), 131, 132 Critique o f Welfare Economics (I M D Little), 255 C rocs, B , 215, 220, 221, 222, 223, 224, 225, 239 Crusoe, Robinson, 175, 227, 296 Cunningham , W , 13 C urrency problems, 86, 87, 88, 89, 95 Daire, E., 39 Dante, 211 David Ricardo: A Centenary Estimate (J H Hollander), 84 D eath penalty, 19 Decline o f Ricardian Economics in England (R L M eek), 125 D e Economist, x li Dem and, xvii, xviii, xx viii, xliv, 11 , 30, 44, 49, 72 ff., 86, 91, , , 184, 213, 217, 219, 252, 260, 281, 286, 311 absolute, 73 effective, , , 92, 213, 214 foreign, 89 influence o f, upon value, 16, 35, 50 ,12 , 178-9, 205, 219, 345 — curve, 255, 311 — for labour, x x x v iii, 186, 317 — price, 253 See also Supply and Dem and, U tility Democracy and the Labour Movement (ed J Saville), Denis, H , 237 Depreciation, 180, 183, 205 Destutt de T racy, A L C , 113 Deutsch-Franzdsische Jahrbiicher, 133, 135, 258 Development o f Economic Doctrine (A Gray), 164 Development o f Economic Thought (ed H W Spiegel), 251 Development o f English Thought (S N Patten), 30 Dialectics o f Nature (F Engels), 138 Dim inishing returns, 90, 92, 93, 94, 247 Discourse o f the General Notions o f Money, Trade and Exchanges (S Clem ent), 39 Discourse of Trade (N Barbon), 15-16 Discourse upon Trade (D N orth), 25 Dissertation sur la Nature des Richesses (P Boisguillebert), 39 Distribution, x x x v i, 39, 79, 88, 102, 112, 114, 126, 150, 151 153 154 16 , 178, 179, 18 2,18 , 221, 228, 229, 230, 235, 236, 237, 246, 247, 248, 251, 257, 271, , 303, 309, 3i6, 317 principle o f, 260, 271, 272 productivity theory o f, 122, 250, 251 144 179 73 74 53 273 322 S T U D I E S IN THE L A B O U R T H E O R Y OF V A L U E Distribution— cont theory o f, x x ix , x x x , xli, 106, 215, 229, 232, 233, 23», 255, 256 — and accum ulation, 84, 96, 100 See also Income, Profit, Rent, W ages Divine Comedy (Dante), 211 D ivision o f labour, 37, 77, 86, 145 economies o f, 19, 23, 46 natural, 166 territorial, 38 — and the “ extent o f the market*’ , 62 — in manufacture, 37-9, 61-2 — in society, xii, 37 ff., 48, 60 ff., 67, 73, 80, 82, 126, 138-9, 142, 151 , 154 155 166, 256, 257 See also Labour “ Dizziness w ith success” , 277 D obb, M H., xli, 9, 17, 19, 32, 79, 80,123, 126, 127, 15 ,1 , 162, 18 ,19 , 246, , 297 D iihring, E., 259 153 253 Early Economic Thought (A E M onroe), 14 Early English Tracts on Commerce (ed J R M cC u lloch), 39 Easy Lessons on Money Matters (R W h ateley), 248 Eaton, J., Economic and Philosophical Manuscripts o f 1844 (K M arx), 301 Economic Anthropology (M J Herskovits), 294 Economic Journal, x x ii, 9, 74, 195, 196, 197, 201, 23s, 237, 279 Economic Laws o f Socialist Society in the Light o f Joseph Stalin’ s Last Work (O Lange), 226 Economic Problems o f Socialism in the U S S R (J V Stalin), x x x , 270, 273, 274, 275, 276, 277, 278, 279, 280, 281, 282, 283, 284, 292 Economic Theory o f the Leisure Class (N I Bukharin), 249 Economic Writings (W Petty), 16, 36, 39 Economica, 9, 89, 125, 126, 286 Economics and Ideology and Other Essays (R L M eek), ii, iii, xvii, x x x v , xli Economics o f the Transition Period (N I Bukharin), 263 Šconomistes Financiers du X V llI* S ih le (ed E Daire), 39 Edinburgh Review, 88 Edmonds, T R , 125 _ Education, 49, 77, 170 Effects o f Civilization (C Hall), 126 Einzig, P., 294 Elements o f Marxian Economic Theory and its Criticism (W J Blake), 212 Elements o f Political Economy (James M ill), 121, 123 Engels, F., vii, ix, x , xi, 55, 138, 147, 174, 223, 233, 262, 263, 275, 278, S influence of, upon M arx, 134-5, 14 ° ff — on concept and reality, 214 — on the definition o f political econom y, 264, 269 — on the ethical and political im plica­ tions o f the labour theory, 128 — on H egel and the Y o u n g Hegelians, 130-1 — on logical processes, 24 — on M a rx ’s m ethodology, 148-9, 197-8, 224, 302, 303, 304 — on the merchant o f the M iddle Ages, 13 — on relations o f production, 19 — on skilled and unskilled labour, 170 — on value and com m odity production, 86, , 212, Engels, F., Stati i Pisma, 1838-1845, 258 Engels on “ Capital” , 13, 17, 24, 199, 212, 214, 233, 238 England, 58, 84, 135, 141 167, 211 Entrepreneur, iv, v, vi, 28-9, 56, 248 Equilibrium , 50, 53, 71, 74, 181, 205, 226, 289, 294, 304 general, x x x , xliv , 253 ff., 298 theory o f econom ic, 226, 227, 228, 239 — between production and consum p­ tion, 267 f f — conditions, 196 — defined, 31 — price, xiv, xvii, x ix , 28, 30, 34, 35, 48, 77, 80, 85, 103, 104, 120, 123, 162, 168, 177, 178, 182, 183, 186, 205, 206, 208, 209, 217, 228, 230, 232, 245 306, 307, 308, 309 See also Price, T h eo ry o f Value Essai sur la Nature du Commerce en General (R Cantillon), 28, 29 Essay on Marxian Economics (J Robinson), 234, 235, 237, 238, 261 Essay on the Profits o f Stock (D Ricardo), 88, 90, 92, 93, 94, 97, 102 Essay towards Regulating the Trade and Employing the Poor in this Kingdom (J C ary), 18 Essay upon Money and Coins (J Harris), 29, 30 Essays (D H um e), 41, 68 Essays on Some Unsettled Questions o f Political Economy (J S M ill), 245 Essence o f Christianity (L Feuerbach), 131 Estrangement, vii ff., 136 ff., 174, 175, 176 Ethics, 52, 215, 219, 221, 295-6 — and the labour theory, 125 f f , 202, 216 f f Evolutionary Socialism (E Bernstein), 212, 213, 214 30 17 199 257-9 323 INDEX Examination o f the Doctrine o f Value (C F Cotterill), 122 Exchange, xii, x v i, x x x iii, 12, 62, 63, 67, 86, 124, 138, 145 ISO, , * , , 160, 161, 162, 174, 199, 200, 207, 212, 219, 230, 256, 258, 268, 277, 278, 287, , 303, 305, 306 beginnings of, 163, 199 conditions of, 63 external phenomena of, 68 m edium of, 41, 51 m ode of, 80, 145, 146, 151, U , “ natural” , 13, 70 process of, 33, 43 rate of, 70, 87, 88, 89 sphere o f, 23, 27, 79 “ unequal” , 185 — relations, xvi, x x iv , x x v i, ,15 1, IS , 156, 164, 173, 174, 182, 198, 217, 223, 234, 265, 287 ff See also Price, Value Exploitation, x x iv , 18 ,18 ,18 , 186, 201, 215, 229, 235, 251, 311 rate o f, xviii, x ix, x x v i, x x x v ii, 209, 237 — o f children, 185 — o f consumer, 17 — o f direct producer, 17 Extracts from Karl M arx’s “ Capital” (V Pareto), 204, 205, 206, 243 153 55 159 302 *54 Fabian Society, 211 Fable o f the Bees (B de M andeville), 40 Factors o f production, xliv, 33, 122, 123, 239, 256, 307 m obility of, 199 Fetishism, v ii ff., 138, 174 ff Feudalism, ,1 , 22, 38, 46, 13 ,13 ,15 , 154, 212 operation o f law o f value under, 199, 289 Feuerbach, L., 131,132,133, U , *35,141, 142 Fireman, P., 189 Fisher, I., 255 Five-Year Plan (U S.S.R ), 269 For a Lasting Peace, 283, 284 Formalism, 253 ff “ Four stages” theory, iii France, iii, 54, , 56, 134, 13 5, 140, 283 Francis Hutcheson (W R Scott), 41 Franklin, B , 40, 41 Fraud com m itted in buying and selling, 13 Frederick W illiam IV , 132 Free Exchange (Sir L M allet), 252 Free goods, 72 French R evolution, 134 Fundamental Thoughts in Economics (G Cassel), 254 Fumiss, E S., 20, 23 55 General Theory o f Employment, Interest and Money (J M Keynes), 127, 244 “ Geneticists” , 266, 269 German Ideology (M arx and Engels), 137, 138, , 141, 142, , G erm any, 133, 134, 135, 11, 251 Gervaise, I., 41 Glasgow Lectures (A Smith), iii, 45-57, 73 G lasgow U niversity, 9, 45 Gossen, H , 213 G ray, A , 164 G ray, S., 123, 125 Graziadei, A , 215 Growth o f English Industry and Commerce (W Cunningham ), 13 Grundrisse (K M arx), vii ff G uihćneuf, R , 212, 214, 234 Guild(s), 199, 212, 290, 295 Guillebaud, C W , 286 139 147 149 H all, C , 126 Harris, J., 28, 29, 30, 37, 39, 41 H arrod, R F., 256, 315 H edonism, 254 H egel, G W F., 130, 132, 134, 136, 148, 198, 302 Hegelian(ism), 130, 135, 148, 201, 203, 214, 235, 238 Herskovits, M J., 294 High Price o f Bullion (D Ricardo), 86, 88 H ilferding, R , 162, 172, 189, 194, 197, 284 Historical Materialism and the Economics o f Karl Marx (B C roce), 215, 220, 221, 222, 223, 224, 225 History o f Economic Analysis (J A Schum ­ peter), ii, 66, 122, 129, 246, 2S2, 253, 255 History o f Economic Thought (J F Bell), 255 History o f Political Economy, iii, x x x History o f the Fabian Society (E R Pease), 211 H odgskin, T , 124, 125 Hollander, J H , 84 Holy Family (M arx and Engels), 140, 143 Human Nature: The Marxian View (V Venable), 147 H um e, D , 25, 41 4«, 56 68 Hunt* R N C arew , 240, 241 Hutcheson* F., 27, 41, 42,48, , 72, Hutchison, T W , 204, 248, 251 55 34, 49 75 Iliad, 211 Im migration, 19 Imperialism, 7-8, 316 See also M on op oly Imputation* 33, 251 Income, v , x x v i, x x v iii, x x ix , x x x ii, x x x v , x x x v i, xlii, ,4 ,1 ,1 ,1 , 182, 247, 248, 5 ,2 ,3 11 324 ST U D I E S IN THE L A B O U R T H E O R Y OF V A L U E Incom e— cont national, 30, 54, 59, 215, 309, 314 real, 58 unearned, 128, 215, 225, 301 — o f consumers, 205 “ Increasing misery” , 312 ff Independent Labour Party, 212 Independent producers See Production Independent variable(s), 32, 33, 71, 162, 168, 253 ff Index-num ber problem , iii Indian com m unity, ancient, 163, 257 Indian tribes o f N o rth America, 54 Industry, 18-19, 26, 38, 47, 61, 98, 128, * , , U , 140, 150, 151, 186, 265, 280, 290, 301, 312 “ natural balance o f ” , 57 “ specialist” , 173 Inquiry into Rent (T R M thus), 93 Inquiry into the Natural Grounds o f Right (S Read), 121 Inquiry into the Principles of the Distribution o f Wealth (W Thom pson), 127 Intensity o f labour, 75 -7, 167-8 differences in, 77 Interest, iv, v , vi, xiii, xliii, 17, 22, 24, 25, 29, 31, 42 , 89, , 91, 127, 176, 250, 51, 301 See also Capital Internal developm ent, 82 ff International Economic Papers, 226 Introduction to a Critique of the Hegelian Philosophy o f Law (K M arx), 133 Introductory Lecture on the Importance o f Diffusing a Knowledge of Political Economy (W S Jevons), 248 Invariability — in a measure o f value, iv, 68, 78, 81, 87, 99, 106, 107, 108, 109, h i , 112, 117, 119 — o f the value o f the precious metals, 95-6 Investment, 77, 267, 293 “ Invisible hand” , 58 Iron law o f wages See W ages Isolierte Staat (J H von ThUnen), 125 34 135 90 Jevons, H S., 250 Jevons, W S., 213,243, 244,247, 248, 249, 250, 251, 252, 253, 254 John Millar, Historical Sociologist (W C Lehm ann), 52 Josiah Tucker (R L Schuyler), 41 Journal o f Economic Literature, xxiii Journal o f the Royal Statistical Society, 247 Just price, 12, 13, 14, 74, 218, 219, Justice, Police, Revenue and Arms (A Smith), 295-