Marx, the Classicals, and the Theory of Value: Conclusion

Abstract

In his assessment of the classical theory of value, Marx first lauds Adam Smith (‘an immense step forward’¹) for making labour not only an abstraction but also in reality ‘the means of creating wealth in general’.² He accepts Smith’s statement on labour being the real and money the nominal measure of value and that ‘labour time is the original money with which all commodities are purchased.’³