Adam Smit Bogatstvo Naroda ((top)) Jun 2026

Smith distinguishes between “use value” (utility) and “exchange value” (price). He initially proposes a labor theory of value: the real price of a commodity is the toil and trouble of acquiring it. However, in a commercial society, price is composed of wages, profit, and rent. Smith also anticipates the “wage fund theory” and argues that high wages improve productivity and morale, contradicting mercantilist beliefs that low wages were beneficial.

Smith is often hailed as the patron saint of libertarianism, but this is a misreading. He was not an anarchist. He argued that the Sovereign had three strict duties, famously known as the : adam smit bogatstvo naroda