Columbia University
FACULTY OF POLITICAL SCIENCE
=Nicholas Murray Butler=, LL.D., President. =J. W. Burgess=, LL.D.,
Professor of Political Science and Constitutional Law. =Munroe Smith=,
LL.D,, Professor of Comparative Jurisprudence. =F. J. Goodnow=, LL. D.,
Professor of Administrative Law. =E. R. A. Seligman=, LL.D., Professor
of Political Economy and Finance. =H. L. Osgood=, Ph.D., Professor of
History. =Wm. A. Dunning=, LL.D., Professor of History. =J. B. Moore=,
LL.D., Professor of International Law. =F. H. Giddings=, LL.D., Professor
of Sociology. =J. B. Clark=, LL.D., Professor of Political Economy.
=J. H. Robinson=, Ph.D., Professor of History. =W. M. Sloane=, L.H.D.,
Professor of History. =H. R. Seager=, Ph.D., Adjunct Professor of
Political Economy. =H. L. Moore=, Ph.D., Adjunct Professor of Political
Economy. =W. R. Shepherd=, Ph.D., Instructor in History. =A. S. Johnson=,
Ph.D., Instructor in Economics. =H. A. Cushing=, Ph.D., Lecturer in
History. =J. T. Shotwell=, Ph.D., Lecturer in History. =G. W. Botsford=,
Ph.D., Lecturer in History. =G. J. Bayles=, Ph.D., Lecturer in Sociology.
=V. G. Simkhovitch=, Ph.D., Lecturer on History. =C. A. Beard=, Ph.D.,
Lecturer in History.
SCHEME OF INSTRUCTION
GROUP I. HISTORY AND POLITICAL PHILOSOPHY.
Subject A. European History, sixteen courses.
Subject B. American History, nine courses.
Subject C. Political Philosophy, three courses.
Subject D. Ancient History, seven courses.
GROUP II. PUBLIC LAW AND COMPARATIVE JURISPRUDENCE.
Subject A. Constitutional Law, four courses.
Subject B. International Law, four courses.
Subject C. Administrative Law, seven courses.
Subject D. Roman Law and Comparative Jurisprudence, seven courses.
GROUP III. ECONOMICS AND SOCIAL SCIENCE.
Subject A. Political Economy and Finance, fifteen courses.
Subject B. Sociology and Statistics, ten courses.
Most of the courses consist chiefly of lectures; a smaller number take
the form of research under the direction of a professor. In each subject
is held at least one seminar for the training of candidates for the
higher degrees. The degrees of =A.M.= and =Ph.D.= are given to students
who fulfil the requirements prescribed by the University Council. (For
particulars, see Columbia University Bulletins of Information, Faculty
of Political Science.) Any person not a candidate for a degree may
attend any of the courses at any time by payment of a proportional fee.
University fellowships of $650 each, and University scholarships of $150
each are awarded to applicants who give evidence of special fitness to
pursue advanced studies. Several prizes of from $50 to $250 are awarded.
The library contains about 370,000 volumes, and students have access to
other great collections in the city.
2
HISTORY AND CRITICISM OF THE LABOR THEORY OF VALUE
STUDIES IN HISTORY, ECONOMICS AND PUBLIC LAW
EDITED BY THE FACULTY OF POLITICAL SCIENCE OF
COLUMBIA UNIVERSITY
Volume XIX] [Number 2
HISTORY AND CRITICISM
OF THE
LABOR THEORY OF VALUE
IN ENGLISH POLITICAL ECONOMY
BY
ALBERT C. WHITAKER, Ph.D.,
_Sometime University Fellow in Economics, Columbia University;
Instructor in Economics, Leland Stanford Junior University_
[Illustration]
New York
THE COLUMBIA UNIVERSITY PRESS
THE MACMILLAN COMPANY, AGENTS
LONDON: P. S. KING & SON
1904
COPYRIGHT, 1904,
BY
ALBERT C. WHITAKER
CONTENTS
PAGE
CHAPTER I
GENERAL OUTLINES OF THE HISTORY OF THE LABOR THEORY
§ 1. Scope of the present history 9
§ 2. Great diversity of early opinions on value 10
§ 3. The two main ideas, the “philosophical” and the “empirical”
accounts of value 12