[75]Ibid., p. 22.
[76]Ibid.
[77]An Enquiry into the Nature and Causes of the Wealth of Nations, vol. i, p. 19.
[78]Theorien über den Mehrwert (Stuttgart, 1905), vol. i, pp. 179-252.
[79]Capital, vol. ii, p. 435.
[80]Smith, op. cit., vol. ii, p. 148.
[81]Ibid., p. 149.
[82]Op. cit., vol. i, pp. 86-7.
[83]In this connection, we have disregarded the contrary conception which also runs through the work of Smith. According to that, the price of the commodity cannot be resolved into v + s, though the value of commodities consists in v + s. This distinction, however, is more important with regard to Smith’s theory of value than in the present context where we are mainly interested in his formula v + s.
[84]For the sake of simplicity, we shall follow general usage and speak here and in the following of annual production, though this term, strictly speaking, applies in general to agriculture only. The periods of industrial production, or of the turnover of capitals, need not coincide with calendar years.