Note 30 — Chapter II · ADAM SMITH’S PHILOSOPHICAL OR PRIMITIVE ACCOUNT OF VALUE.

In criticising the labor-command standard of Smith, Ricardo has made virtually the same point as the above (pp. 8-14, Gonner ed. Ricardo’s Principles). By riches Smith cannot mean what Ricardo means by this term in his famous chapter on the antinomy of value. (Chap. xx, “Value and Riches, their Distinctive Properties.”) If by reason of scarcity, wine should come to command in exchange more labor than formerly, Smith would have to say that a given quantity of wine becomes more riches. This Ricardo would not say.