Abstract

CARCANHOLO, Reinaldo A.. A non-ricardian interpretation of Adam Smith's theory of value. Inv. Econ [online]. 1999, vol.59, n.228, pp.179-205. ISSN 0185-1667.

After demonstrating that the Theory of Value should not be mistaken for a simple theory of relative prices, this paper presents a re-interpretation of the Smithian approach. The aim is not to look for the supposed contradictions in Smith, but rather the approach's internal coherence. Hence the paper seeks to demonstrate that criticism which began with Ricardo and even Marx himself, is not entirely satisfactory, even though the author would concede the existence of a theoretical difficulty: the indetermination of the rate of profit. Thus Smith once again acquires greater relevance in economic thinking.

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