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Theory of Value. Adam Smith.

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Theory of Value. Adam Smith.

  1. 1. Adam Smith Theory of Value<br />
  2. 2. Who is Adam Smith?<br />What is Theory of Value?<br />What is the utility ofthat?<br />
  3. 3. 123<br />Who is Adam Smith?<br />
  4. 4. A Clown!!!<br />
  5. 5. The most reputable economist of XVIII century<br />The basis of all modern economic theories <br />FOR US HE IS A GOD!!!<br />
  6. 6. born in 1723 in the Kirkcaldy, Scotland<br />at age 14 the University of Glasgow<br />1740 Balliol College in Oxford<br />1748 lectures in Edinburgh<br />1751 Professor of logic at Glasgow University<br />Died on July 17, 1790<br />
  7. 7. 1748 - 1785<br />     Theory of Moral Sentiments    <br /> An Inquiry into the Nature and Causes of the Wealth of Nations           Thoughts on the state of competition with America     <br />
  8. 8. 123<br />What is theory of value?<br />
  9. 9. "Work is the only universal, as well as the only accurate measure of value"<br />
  10. 10.
  11. 11. 2 conditions of that theory<br />
  12. 12. 1<br />Value (and price) of goods is determined by labor expended on it. <br />Cost - it is labor materialized in the commodity<br />
  13. 13.
  14. 14. 2<br /> Cost (and price) is made up of cost of production of goods, in other words, from labor costs, profit and rent for land.<br />
  15. 15.
  16. 16. Profit<br /> Rent for Land<br /> Salary<br />
  17. 17. 123<br />What is the utility ofthat?<br />
  18. 18. 1 condition only for primitive society<br />2 condition is for realistic situation in modern capitalistic world <br />
  19. 19. Thanks for attention!!!<br />

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