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 ...

The labor theory of value is one of Marxism’s most contested ideas. Both critics and supporters of socialism have labeled it inconsistent and outdated. In an interview with Jacobin, economist ...

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 ...