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2ND EDITION Theories of Value from Adam Smith to Piero Sraffa

Professor Ajit Sinha, Azim Premji University

This book presents a comprehensive account of more than 200 years of controversy on the classical theories of value and distribution. It focuses on four 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 significant July 2018: 372pp differences in the celebrated theories as it searches for

Hb: 978-1-138-33801-2 | $140.00 / £115.00 the ‘classical standpoint’ that separates them from the eBook: 978-0-429-44199-8 ‘moderns’. With a new Afterword that follows up on the debates TABLE OF CONTENTS: and developments since the first edition, this book will appeal to scholars and academics of economic theory Preface to the Second Edition and philosophy, as well as to the general reader. Preface

1. The Theory of Value in Adam Smith’s 20% Discount Available - enter the code SOC19 at Wealth of Nations checkout* 2. The Theory of Value in Ricardo’s Principles Visit: www.routledge.com/9781138338012 3. The Theory of Value in Marx’s Capital Hb: 978-1-138-33801-2 | $112.00 / £92.00 4. The Theory of Value in Sraffa’s Production of * Offer cannot be used in conjunction with any other offer or discount and only applies to Commodities books purchased directly via our website.

5. Conclusion: On the ‘Classical Standpoint’ To request a copy for review, please complete our online form: Afterword pages.email.taylorandfrancis.com/review-copy-request

References

Index

For more information visit: www.routledge.com/9781138338012 Praise for Theories of Value from Adam Smith to Piero Sraffa, 2nd Edition

"Ajit 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 Cambridge

"The excess confidence of contemporary economists in the strength of the existing body of their knowledge has been struck by the recent crisis. The same excess confidence had often fed the belief that the history of ideas did not matter. In fact, the understanding of the limits of any knowledge in the field of social sciences cannot be separated from the understanding of the conditions of its construction. The work of Ajit Sinha, as conveyed in the present book, provides a brilliant illustration of the fact that the history of economic thought, on the one hand, and economic analysis, on the other, are neither antagonistic, nor substitutes, but necessary complements." — Roger Guesnerie, Chair, Economic Theory and Social Organisation, Collège de France, Paris; Founding President, Paris School of Economics

"This excellent book will be of interest to a wide range of scholars, especially historians of economic thought, and also heterodox economists in general. … I learned a good deal from reading this book, especially about Sraffa’s theory, and I recommend it highly despite my disagreements with some of its interpretations, especially about Marx’s theory. The quality of scholarship is high throughout. Sinha states in the Preface that he hopes that his book will be particularly useful for graduate students and young scholars, and I think it will be." — Fred Moseley, Review of Political Economy

"Readers of Ajit Sinha can look forward to a lively and engaging discourse that displays the author’s meticulous scholarship and breadth of vision. Both graduate students and teachers of political economy will find in the book an excellent reader on the state of the art in classical and Marxian theories of prices. They are also themes that we may hope will shape the future course of economic science." — G. Omkarnath, Economic and Political Weekly

For more information visit: www.routledge.com/9781138338012