CRITICISM OF THE THEORIES OF ADAM SMITH
§ 1. Principal argument for the labor-command standard a theory
of labor as undifferentiated or potential commodity 32
§ 2. Complete failure of this theory to afford an ultimate
philosophy of value 34
§ 3. The concept of labor as disutility cost suggests later
valid theories, but fails to lead to a satisfactory result 36
§ 4. The arguments, by which Smith supports the labor-command
standard, prohibit its use under the conditions of
advanced society 39