ADAM SMITH’S THEORY OF VALUE AND THE FALLING RATE OF PROFIT: UNCOMMON CONCEPTIONS AND COMMON MISCONCEPTIONS
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ABSTRACT
Smith’s theory of value and distribution, which emphasizes labor time as the determinant of prices, has been widely misunderstood. Ricardo misinterpreted it as relevant only to primitive societies, while Marx inaccurately aligned it with his own labor theory of value. In reality, Smith’s perspective oscillates between a labor-based and a labor-commanded approach to relative prices, intended for modern economies. Neoclassical economists further distorted Smith’s views by incorporating utility theory. Moreover, while Smith is often linked to the theory of a falling rate of profit due to competition, he actually attributed it to rising capital intensity. Contrary to the belief that Smith was a staunch advocate of free markets, he supported reasonable government intervention.
LA TEORÍA DEL VALOR Y DEL DESCENSO DE LA TASA DE GANANCIA DE ADAM SMITH: CONCEPCIONES NO COMUNES E INTERPRETACIONES ERRÓNEAS COMUNES
RESUMEN
La teoría del valor y la distribución de Adam Smith, que enfatiza que el tiempo de trabajo es el determinante de los precios, ha sido muy mal comprendida. David Ricardo la malinterpretó al considerarla relevante sólo para las sociedades primitivas, mientras que Marx equivocadamente la alineó con su propia teoría del valor. En realidad, la perspectiva de Smith oscila entre un enfoque de los precios relativos de las economías modernas basado en el trabajo y otro enfoque basado en el trabajo comandado. Los economistas neoclásicos distorsionaron aún más el análisis de Smith al incorporar la teoría de la utilidad. Más aún, mientras que a Smith se le vincula con frecuencia con una teoría del descenso de la tasa de ganancia debido a la competición, en realidad él atribuía tal descenso al aumento de la intensidad de capital. Adam Smith estaba a favor de una intervención del gobierno razonable, contrario a la opinión de que era un porfiado abogado del libre mercado.
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