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Adam Smith Theory of Value,[object Object]
Who is Adam Smith?,[object Object],What is Theory of Value?,[object Object],What is the utility ofthat?,[object Object]
123,[object Object],Who is Adam Smith?,[object Object]
A Clown!!!,[object Object]
The most reputable economist of XVIII century,[object Object],The basis of all modern economic theories ,[object Object],FOR US HE IS A GOD!!!,[object Object]
born in 1723 in the Kirkcaldy, Scotland,[object Object],at age 14 the University of Glasgow,[object Object],1740 Balliol College in Oxford,[object Object],1748 lectures in Edinburgh,[object Object],1751 Professor of logic at Glasgow University,[object Object],Died on July 17, 1790,[object Object]
1748 - 1785,[object Object],     Theory of Moral Sentiments    ,[object Object], An Inquiry into the Nature and Causes of the Wealth of Nations           Thoughts on the state of competition with America     ,[object Object]
123,[object Object],What is theory of value?,[object Object]
"Work is the only universal, as well as the only accurate measure of value",[object Object]
Theory of Value. Adam Smith.
2 conditions of that theory,[object Object]
1,[object Object],Value (and price) of goods is determined by labor expended on it. ,[object Object],Cost - it is labor materialized in the commodity,[object Object]
Theory of Value. Adam Smith.
2,[object Object],    Cost (and price) is made up of cost of production of goods, in other words, from labor costs, profit and rent for land.,[object Object]
Theory of Value. Adam Smith.
 Profit,[object Object],  Rent for Land,[object Object],    Salary,[object Object]
123,[object Object],What is the utility ofthat?,[object Object]
1 condition only for primitive society,[object Object],2 condition is for realistic situation in modern capitalistic world ,[object Object]
Thanks for attention!!!,[object Object]

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Theory of Value. Adam Smith.

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