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).
In their letter “The Virtues of the ‘Knowledge Theory of Value’” (May 1), Gale Pooley and George Gilder emphasize the importance of knowledge in economic value. In doing so, however, they provide ...
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