Theories of Value from Adam Smith to Piero Sraffa

This book presents a comprehensive account of more than 200 years of controversy on the classical theories of value and distribution. The author focuses on four perhaps most critical classics - Adam Smith’s Wealth of Nations David Ricardo’s Principles of Political Economy Karl Marx’s Capital and Piero Sraffa’s Production of Commodities by Means of Commodities. The book highlights several significant differences in the widely celebrated theories of the four authors as it searches for the ‘classical standpoint’ that separates them from the ‘moderns’. It also challenges canonical interpretations to analyse their flaws and weaknesses in addition to the already obvious strengths and critically engages with the major alternative interpretations and criticisms of the theories. With a new Afterword that follows up on the debates and developments since the first edition this book will appeal to scholars and academics of economic theory and philosophy as well as to the general reader.ReviewAjit Sinha’s Theories of Value from Adam Smith to Piero Sraffa exemplifies the best characteristics of proper scholarship. Sinha has combined critical yet sympathetic analysis of primary sources with keen understanding of the secondary literature. He has definite points of view which are always established by deep analytical arguments combined with careful attention to the relevant evidence. His book is a splendid example for all those interested in the best ways of understanding the relevant links between the past of our discipline and the present. - G.C. Harcourt Emeritus Reader in the History of Economic Theory University of Cambridge; Professor Emeritus University of Adelaide; Emeritus Fellow Jesus College University of CambridgeAbout the AuthorAjit Sinha is Professor of Economics at Azim Premji University Bengaluru India.