Adam Smith: theory of the division of labor on a social scale and category of use value (utility)
Abstract
The general theory of the division of labor system on a social scale is analyzed and developed, based on what Adam Smith set forth at the beginning of The Wealth of Nations. In accordance with this theory, an explanation of the category of use value and the notion of utility is presented here. Smith identifies this category in chapter four but does not deal with it explicitly afterwards and only considers some aspects of utility as something intrinsic to things. This sense of utility, which prominent academics analyze as an error in Smith, is shown in the present work to also represent an inconsistency with respect to his general theory of the division of labor. It is also shown that this can be considered induced by the partial inconsistency with this general theory, which is noted in his theory of exchange value.
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