Welcome to visit ACADEMIC MONTHLY，Today is

Chinese
Volume 54 Issue 6
November 2022
Article Contents

    Citation: Jiming CAI, Yueyang CAO and Leyi LIU. On Labour-Commanded and Labour-Embodied in Value Determination and Their Relation[J]. Academic Monthly, 2022, 54(6): 61-72. shu

    On Labour-Commanded and Labour-Embodied in Value Determination and Their Relation

    • Abstract

      In the history of economic thought, it is generally believed that Adam Smith has a dual or plural theory of value. On the one hand, he proposed a single-element theory of value that labor-commanded determines value; on the other hand, he pointed out that labor-embodied and three types of income co-determine value which composite as a multi-element theory of value. Therefore, whether labour-commanded or labor-embodied determines value becomes a focus of long-standing debate among economists. To have a comprehensive and accurate understanding of Smith’s labor-commanded theory and labor-embodied theory, this paper reviews and analyzes the related opinions and misunderstandings in the history of economic thought. Then, in the framework of the general theory of value, this paper further discusses the different roles of Smith’s labor-commanded and labor-embodied in value determination and value measurement. This paper concludes that from an individual micro point of view, the ratio of labor-commanded to labor-embodied is equal to the ratio of comprehensive productivity of the department; from an aggregative macro perspective, total value = total amount of labor-commanded = total amount of labor-embodied; and the proposition that total value equals to the total labor valid as the measurement of value, it cannot prove that value is created by labor alone.
    • 加载中

    • References

    • Access

      1. [1]

        RAN Gaoran . The Evolution and Game of Property Systems——On the Paradigm Choice for Data Property. Academic Monthly, 2026, 58(7): 117-128.

      2. [2]

        LIN Shangli . China's Mission in Constructing Original Theories and Its Methodological Foundation. Academic Monthly, 2026, 58(7): 5-11.

      3. [3]

        NI Liangkang . The Philosophy of History of “New Idealism” after Hegel: Neo-Hegelianism. Academic Monthly, 2026, 58(7): 12-22.

      4. [4]

        WAN Yong ,  LI Yalan . Realizing the Function of Copyright Law in the Era of Artificial Intelligence. Academic Monthly, 2026, 58(7): 104-116.

      5. [5]

        ZHAO Lin ,  ZHANG Boyu ,  LIANG Hua . The Relationship Between Monopoly and Innovation in Information Product Markets——A Growth Network Perspective. Academic Monthly, 2026, 58(7): 64-76.

      6. [6]

        CHEN Yinchi ,  WU Siqi . Interaction and Integration between Buddhist and Daoist Hagiographies in Medieval China. Academic Monthly, 2026, 58(7): 157-169.

      7. [7]

        LI Yushuan . New Changes and Causes of the Poetry Style of Monks in the Ming Dynasty. Academic Monthly, 2026, 58(7): 170-180.

      8. [8]

        LI Ting . From The Reproductive Institution to the Fertility Transition in Contemporary China. Academic Monthly, 2026, 58(7): 143-156.

      9. [9]

        YING Qi . Hegel's Conception of Reconciliation and the Quarrel of the Ancients and the Moderns. Academic Monthly, 2026, 58(7): 23-31.

      10. [10]

        QIN Zhongliang . Historical Views and Historical Facts: The Evolution of Perceptions of Fanzhen since the Song Dynasty. Academic Monthly, 2026, 58(7): 181-194.

      11. [11]

        SHEN Yifei . Theoretical Genealogies of the Emotional Economy and the Chinese Context. Academic Monthly, 2026, 58(7): 129-142.

      12. [12]

        SUO Liming ,  WEI He'ning . Platform Transition: The Re-Evolution of Network Governance Model. Academic Monthly, 2026, 58(7): 90-103.

      13. [13]

        WANG Gang . Viewing the Cultural Intent of the “Xueheng School” from Hu Xiansu's Teachers and Friends's Group. Academic Monthly, 2026, 58(7): 206-216.

      14. [14]

        YU Jianxing ,  LIU Yuxuan . Beyond the Outside Observer: Repositioning the Social Sciences in the Era of Large Language Models. Academic Monthly, 2026, 58(7): 77-89.

      15. [15]

        LIAO Han . Popular Religion and the Formation of Local Culture——Research on the Belief in Ge Xian'gong in Northeastern Jiangxi since the Song and Yuan Dynasties. Academic Monthly, 2026, 58(7): 195-205.

      16. [16]

        HE Da'an ,  LI Huaizheng . Digital Adjustment Mechanism in the Application of Artificial General Intelligence. Academic Monthly, 2026, 58(7): 54-63.

      17. [17]

        LIU Wei . Several Important Theoretical Issues Needing Further Clarification for the Growth and Expansion of the Private Economy. Academic Monthly, 2026, 58(7): 41-53.

    Get Citation
    PDF
    XML
    Entire Issue PDF

    Article Metrics

    Article views: 4059 Times PDF downloads: 3 Times Cited by: 0 Times

    Metrics
    • PDF Downloads(3)
    • Abstract views(4059)
    • HTML views(665)
    • Latest
    • Most Read
    • Most Cited
          通讯作者: 陈斌, bchen63@163.com
          • 1. 

            沈阳化工大学材料科学与工程学院 沈阳 110142

          1. 本站搜索
          2. 百度学术搜索
          3. 万方数据库搜索
          4. CNKI搜索

          On Labour-Commanded and Labour-Embodied in Value Determination and Their Relation

          • Available Online: 2022-06-20

          Abstract: In the history of economic thought, it is generally believed that Adam Smith has a dual or plural theory of value. On the one hand, he proposed a single-element theory of value that labor-commanded determines value; on the other hand, he pointed out that labor-embodied and three types of income co-determine value which composite as a multi-element theory of value. Therefore, whether labour-commanded or labor-embodied determines value becomes a focus of long-standing debate among economists. To have a comprehensive and accurate understanding of Smith’s labor-commanded theory and labor-embodied theory, this paper reviews and analyzes the related opinions and misunderstandings in the history of economic thought. Then, in the framework of the general theory of value, this paper further discusses the different roles of Smith’s labor-commanded and labor-embodied in value determination and value measurement. This paper concludes that from an individual micro point of view, the ratio of labor-commanded to labor-embodied is equal to the ratio of comprehensive productivity of the department; from an aggregative macro perspective, total value = total amount of labor-commanded = total amount of labor-embodied; and the proposition that total value equals to the total labor valid as the measurement of value, it cannot prove that value is created by labor alone.

            HTML

          Relative (17)

          目录

          沪ICP备16024018号-1  沪公网安备 31010102003103号

          ICCAS
           Chinese Chemical Society

          Address： 邮政编码：200020

          Telephone：021－53060399、53069080 Email：xsyk021@163.com

          Supported by Beijing Renhe Information Technology Co. Ltd Technical ： info@rhhz.net

          /

          DownLoad:  Full-Size Img  PowerPoint
          Return