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The Theory of Value - Term Paper Example

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The Theory of Value Name of Course Your Name Your University Introduction This paper examines the evolution of the theory of value and how it developed to enhance the application and teaching of Economics. The research begins with the earliest theories of Economics and the theory of value and distribution put forward by the earliest thinkers like Adam Smith and David Ricardo…
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The Theory of Value

Download file to see previous pages... This will include the critique of the neoclassical economists and their theories and concepts. It will critique the marginalists and what they put forward in their theorization of Economics. Adam Smith & The Theory of Economics Adam Smith is widely accepted as the “father of Economics”. However, it appears that his view of Economics was steeped in a culture of treatises that were being written by philosophers and theorists who sought to explain how a modern and “civilized” nation should behave. This include a generation of writers who came before him like Hume, Locke and several others who put forward theories and views about various aspect of social organization. Adam Smith defined the theory of value and the creation of wealth in his book Wealth of Nations. In the book, he primarily defined the division of work as a fundamental element of creating value for nations and societies in his era (Smith, 2000a). According to Adam Smith, the division of work theory was meant to harness and bring together skills, dexterity and judgment to produce goods and services for consumers who needed them in the modern society. This was to involve the break down of manufacturing into separate parts. Thus, the production cycle was to be divided into different units whereby people would take up various duties, specialize and produce to meet specification. This proposition inevitably sought to promote an improved quality of work. Adam Smith's value creation system was to be controlled by individuals who would have access and control of the various production systems and factories. These entrepreneurs would seek to increase the quality of work and create value by breaking down work and allowing people to do it as jobs or employment rather than as slaves (Smith, 2000a). Instead of slaves being kept and fed, people would be allowed to work in exchange for wages and there could be a public sector that regulated some universal aspects of life. This include politics and government that would run the society and help things to run well. However, individuals had to do things in the right way and manner. According to Adam Smith, (2000b), the society with a private and property owning ideology had to be regulated with some degree of moral philosophies which he classified in four main classes: 1. Ethics of Virtue 2. Private rights and national liberty. 3. Familial rights (Economics) and 4. State and Individual rights (Politics) These systems could be said to have influenced the conceptualization of private enterprises, the public sector, rule of law and politics/government. Adam Smith's theories were the actualize and rationalize the concepts of Reverend Thomas Malthus which were primarily related to the need for some kind of controls and checks to promote humanity. In Malthus' theories and ideas, the world was on the verge of seeing a crisis. Until checks and controls were put forward, people were likely to suffer severely. Adam Smith's work was one of the first works that sought to provide a logical and structured view of how to deal with the impending social disasters with the rising numbers of people. The Classical Theorists David Ricardo read about Adam Smith's concepts and theories from his book Wealth of Nations in the late 1700s and he embraced his ideas systematically. Ricardo's book, Principles of Political Economy and Taxation released in 1817 was a ...Download file to see next pagesRead More
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