Agents Quote by Jean-Baptiste Say
“To the labor of man alone Smith ascribes the power of producing values. This is an error. A more exact analysis demonstrates... that all the values are derived from the operation of labor, or rather from the industry of man, combined with the operation of those agents which nature and capital furnish him.”
About This Quote
Smith’s view that only human labor creates value is incomplete; value also depends on natural resources and capital inputs that augment labor.
In simple terms: Value arises from labor plus nature and capital.
Key Takeaway
Value is a joint product of labor, nature, and capital.
Themes
Economic theory
Value creation
Labor
Capital
Nature
Production
Mood
Analytical
Critical
Historical
Type
Analytical
Historical
Philosophical
When to use this quote
- Analyzing production costs
- Teaching economics
- Policy debates on resource allocation
Key Concepts
Labor theory of value
Resource contribution
Capital input
Practical Applications
- Economic modeling
- Curriculum design
Questions to Reflect On
- How do natural resources influence value?
- What role does capital play in production?
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