The labour theory of value and the revenue theory of value are two great contributions of Adam Smith to the political economy.The labour theory of value takes the general labour as the determining factor of value,transcends the defect of mercantilism and agralism,and overcomes the disadvantages of traditional political economy which focuses only the realm of circulation.The revenue theory of value relates to the value of commodity on the one hand and the sources of national wealth on the other hand,is called credo of Smith.In Economical Manuscript of 1861-1863,Marx criticized the self-contradiction of the labour theory of value of Smith,and solved the contradiction on the basis of scientific labour theory of value;and criticized the contradiction and Petitio principii in the revenue theory of value,disclosed the true sources of the three revenues.The critique of the theory of value of Smith confirmed the scientific nature of Marx's political economy.
Economical Manuscript of 1861-1863Smiththeory of valuerevenuestheory of surplus value
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