Comments on: How Barter Followed and Did Not Precede the Creation of Money https://blog.p2pfoundation.net/how-barter-followed-and-did-not-precede-the-creation-of-money/2012/02/29 Researching, documenting and promoting peer to peer practices Wed, 29 Feb 2012 13:04:20 +0000 hourly 1 https://wordpress.org/?v=5.5.15 By: Michel Bauwens https://blog.p2pfoundation.net/how-barter-followed-and-did-not-precede-the-creation-of-money/2012/02/29/comment-page-1#comment-490999 Wed, 29 Feb 2012 13:04:20 +0000 http://blog.p2pfoundation.net/?p=22622#comment-490999 In reply to Chris Watkins.

thanks Chris!

]]> By: Chris Watkins https://blog.p2pfoundation.net/how-barter-followed-and-did-not-precede-the-creation-of-money/2012/02/29/comment-page-1#comment-490996 Wed, 29 Feb 2012 08:31:22 +0000 http://blog.p2pfoundation.net/?p=22622#comment-490996 Fascinating – the value of empiricism (i.e. actually looking at the real world).

Two points in defence of Adam Smith:
* He was a pioneer – can’t expect him to get everything right :-).
* Not sure how true it is to suggest that his “labor theory of value” has been abandoned by mainstream economics. Wikipedia’s article on Smith quotes someone called Albert C. Whitaker as saying: “But [Smith] disowns what is naturally thought of as the genuine classical labor theory of value, that labor-cost regulates market-value. This theory was Ricardo’s, and really his alone.”

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