Smith’s theory of value and distribution, which emphasizes labor time as the determinant of prices, has been widely misunderstood. Ricardo misinterpreted it as relevant only to primitive societies, ...

George Gilder and Gale Pooley rightly note that a useful measure of how much things cost is how long we must work to earn enough to purchase them (“We Should Measure Prices in Time,” op-ed, April 17).

The tercentenary of Adam Smith’s birth is an opportunity to consider how his insights into the dynamics of economic growth continue to shape our understanding of the world today. But what if the ...

Reviewing Prof. Glory Liu’s “Adam Smith’s America” (Books, Dec. 17), Barton Swaim shares his judgment that Smith’s “Theory of Moral Sentiments” “isn’t very good,” adding: “It’s mostly unreadable, to ...

Discover the Diamond-Water Paradox—why diamonds cost more than water. Learn about subjective value and marginal utility in economic valuation.

Log-in to bookmark & organize content - it's free! This clip provides definitions and a discussion on current perspectives on socialism and capitalism. Polling data about these economic systems among ...