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- W341317096 abstract "We distinguish two broad categories of value theories, objective and subjective, which focus, respectively, on the conditions of production and on the preferences of consumers. We discuss the contributions to the labor theory of value made by David Ricardo and Karl Marx, outline some criticisms of Marxian value theory, and summarize Piero Sraffa's attempt to rehabilitate the classical, objective theory of value. We then outline the development of the marginal utility of value and discuss its relationship to market equilibrium, before assessing the marginal productivity theory of distribution, some extensions to utility analysis, and the connection between utility and welfare." @default.
- W341317096 created "2016-06-24" @default.
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- W341317096 date "2015-01-01" @default.
- W341317096 modified "2023-09-30" @default.
- W341317096 title "Value: History of the Concept" @default.
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- W341317096 doi "https://doi.org/10.1016/b978-0-08-097086-8.03123-8" @default.
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