2005 年 42 巻 3 号 p. 42-52
In this paper, I view Adam Smith's logic that the exchange ratio of commodities is determined by the volume of labor that is bestowed in production. He deals with the subject mainly in the sixth chapter in the Wealth of Nations. His logic is submitted on the assumption that in the state of society which is not accumulated stock and is not appropriated land. In a refined form, Ricardo and Marx succeeded Smith's logic. And they insisted that the exchange ratio of commodities is generally determined by bestowed volume of labor. But in this paper, I consider that the proposition is not generally established even in the Smith's assumption. Value theory of labor, as the logic of exchange ratio, was faced with Transformation problem, but the proposition has seemed to have a problem in the realm of primitive exchange. In a word, when a surplus of goods doesn't exist in society, the exchange ratio must be determined by bestowed volume of labor. But when surpluses exist, the exchange ratio can be theoretically shifted from bestowed volume of labor. That is to say, the relationship between the exchange ratio and bestowed volume of labor seems to be weakened before Transformation problem. On the basis of that consideration, in the last part of this paper, recent movement of the logic of exchange ratio is surveyed. Traditional concept of value: value is determined by bestowed volume of labor, not only faces Transformation problem but also cannot comprehend the commodity which is not bestowed labor. So, the concept of value was needed to be spread. But by spreading the concept of value, it seemed that the interest of the logic of exchange ratio was backed. But now, that interest seems to come to the front again.