Subjectivity, objectivity and biological interpretation in Smith's view on the real values of labour, money and corn

The purpose of this chapter is to reinterpret Adam Smith’s labour theory of value which has long been criticized for mixing quantities of spent labour, labour commanded and sacrificed labour-disutility. Careful examination of his arguments reveals that the whole structure of his economic theory should be interpreted as an integral part of the organic and biological understanding of human being and society.