History and criticism of the labor theory of value in English political economy
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"History and criticism of the labor theory of value in English political economy" by Albert C. Whitaker is a scholarly historical study written in the early 20th century. It examines how English economists developed and debated the labor theory of value, separating “philosophical” (primitive, essence-seeking) accounts from “empirical” (market and cost-based) explanations, and follows the doctrine from Adam Smith and Ricardo through Malthus, McCulloch, James Mill, Torrens, Senior, John Stuart Mill, and Cairnes. The opening of the work sets its scope and method, rejecting the idea of a single, unified “classical” labor theory and framing the history around two strands: a philosophical account that roots value in labor and an empirical account that explains market prices by entrepreneurs’ costs. It then dissects Adam Smith’s multiple and inconsistent treatments—his labor-cost regulator versus labor-command measure, his handling of labor as both productive power and disutility, and his co
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