Source: EconLog
by Steven Horwitz
“There are many things Adam Smith got right about economics, including the discipline’s fundamental insight about the unplanned nature of market-driven economic and social order. He is rightly called the founder of economics for that reason. However, he did not get everything right. One of his most important errors, and one he shared with many 18th and 19th century economists, including Karl Marx, was his erroneous theory of value and explanation of price.” (03/23/26)
https://www.econlib.org/econlog/adam-smith-on-the-labor-theory-of-value