One of several post lecture observations was from Jimmy Reid, a regular Scotsman columnist.
“He (Smith) maintained that labour is the source of all wealth. Does this mean that the labourer should enjoy the full fruits of his labour? Dammit! The man must have been a closet Marxist.”
But Murray Rothbard in the first volume of An Austrian Perspective on the History of Economic Thought tells us that “Smith’s doctrine on value was an unmitigated disaster” and further described it as a “colossal blunder.” The twentieth century Austrian School of economists from Mises to Rothbard himself has satisfactorily demolished the labour theory of value. Unfortunately, the British left, from Reid to Brown, has not yet learned that lesson.
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