Messrs. Pooley and Gilder remind us that the book’s themes remain fresh.

Nordhaus offers a modern version of the labor theory of value, which in various versions dates at least to Adam Smith’s “The Wealth of Nations” (1776), often taken to be the beginning of ...

One fundamental point that emerges from my synthetic reading is that the labor theory of value addresses the question of the determination of what Adam Smith called long-period “natural prices ...

and that the conclusion that the law of value has failed represents a misreading or misinterpretation of Marx’s labor theory of value. Although the digital capitalist mode of production is serving ...

Conversely, if profits or wages are too low in one trade area, there will be an exodus of capital and labor ... Smith's theory does unquestionably lead to a doctrine of laissez-faire. To Adam ...

One framework for understanding markets is the invisible hand theory, an idea proposed by economist Adam Smith that illustrates ... may be of the greatest value, he intends only his own gain ...