The Classical Economists’ Theory of Value Was More Sophisticated than You Think
Bob quotes from David Ricardo to show that the classical economists understood that utility was essential to explaining market value, but then he also explains why the Marginalist Revolution was a scientific advancement.
- Bob’s Journal of Libertarian Studies Article on The Labor Theory of Value: Mises.org/HAP462a
- Human Action Podcast Episode 460, “What Does Say’s Law Really Say?”: Mises.org/HAP462b
- David Ricardo, On the Principles of Political Economy and Taxation: Mises.org/HAP462c
For the next two weeks only, get a FREE copy of Dr. Per Bylund’s How to Think About the Economy: Mises.org/HAPodFree
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.
Originally Posted at https://mises.org/
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