The extended lecture notes have paid a lot of attention to the presumed differences between Marxs and the Classical Political Economists (CPE – mainly Smith and Ricardos) theory of value.  In this assignment, I want you to explain the similarities and differences and provide textual evidence to support your interpretation. In particular, I am asking you to:

Briefly explain CPEs theory of value and especially the role that notions of labor embodied and labor commanded play in it.
Briefly explain how Marx uses the concept of labor (embodied or commanded) and how this changes his conception of value (the qualitative, measurement and quantitative problems) in comparison to CPE.
Make sure to provide textual evidence for all points you are making, either in the form of a quote or a specific reference (e.g. In Marxs view use-value and exchange value are not independent, as is clear from such phrases as [(short) quote with specific reference] or: on [page number], Marx applies Smiths distinction between use-value and exchange value to labor itself, calling the former labour power in use or labour itself. Later on, on page [page number], he sets labours exchange value equal to the wage).
Conclude on the elements of continuity and dissent in Marxs theory of value. How did his theory build on elements of CPE? How is it different?
Your assignment should contain no more than 450 words (excluding things like your name, student number, the name of the course and references). Please specify the amount of words you have used below your text. Exceeding the word limit by 10% or less will not be penalized. If your word count is between 495 and 550, one full point will be subtracted. If you write more than 550 words, the assignment will not be graded.

You will have to use the textbook and mainly the extended lecture notes and the reader for this course for most of the content. Always make sure the reader knows where you found your information by placing references (2 per paragraph is a good rule of thumb). Try to use enough quotes to substantiate your reading of Marx, but do not overdo it. Explaining his main point in your own words and providing half a sentence of Marxs as evidence is preferable over providing lengthy quotes and offering a sentence of your own as commentary and summary (Marx being quite a verbose writer, the latter strategy will not fit within the word limit either). Make sure all quotes are recognizable as such using quotation marks and a reference with page number(s). If there is serious overlap between your text and others, the assignment will not be graded and you will be referred to the Examinations Board.

You are graded on the following elements:

Writing (clarity, structure) (20%).
CPEs theory of value (10%).
Marxs theory of value (25%).
Textual evidence (25%)
Conclusion on elements of continuity and dissent (20%)