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The development of a 21st Century Theory of Value be the second of three initial inquires inspired by the work of Scottish philosopher Adam Smith (1723-1790). Whilst Smith did not write a separate book to detail his theory of value, he had a theory of value that was incorporated in his Inquiry into the Nature and Causes of the Wealth of Nations (usually referred to as just the Wealth of Nations). It was the 'labour theory of value', not the 'market price theory of value' that dominates today.

We could have also incorporated our work on a 21st Century Theory of Value in our third Inquiry, as it is an update of his Wealth of Nations. But we think the topic is of such importance it needs to be addressed separately. 

All our inquiries it will be global, open, multi-disciplinary and research-based. And this Inquiry will also be large in scale and long-term, with ongoing period reviews once published. An advisory panel is currently being formed to oversee the design of it.


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