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Value (economics)

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2443: 2345:, and his central point was this: "It is impossible to conclude, of any given mass of acquired wealth, merely by the fact of its existence, whether it signifies good or evil to the nation in the midst of which it exists. Its real value depends on the moral sign attached to it, just as strictly as that of a mathematical quantity depends on the algebraic sign attached to it. Any given accumulation of commercial wealth may be indicative, on the one hand, of faithful industries, progressive energies, and productive ingenuities: or, on the other, it may be indicative of mortal luxury, merciless tyranny, ruinous chicanery." 2662:, power is the governing principle as rooted in the centrality of private ownership. Private ownership is wholly and only an act of institutionalized exclusion, and institutionalized exclusion is a matter of organized power. And since the power behind private ownership is denominated in prices, Nitzan and Bichler argue, there is a need for a power theory of value. There is, however, a causality dilemma to their argument that has drawn criticism: power is based on the ability of firms to set monopoly prices yet the ability to set prices is based on firms possessing a degree of power in the market. 2738:," which many believed to be unsolvable. The diamond–water paradox questions why diamonds are so much more valuable than water when water is necessary for life. This paradox was answered by the subjective theory of value by realizing that water, in total, is more valuable than diamonds because the first few units are necessary for life. The key difference between water and diamonds is that water is more plentiful and diamonds are rare. Because of the availability, one additional unit of diamonds exceeds the value of one additional unit of water. The subjective theory emphasizes the role of 1222: 2379:, the quality by which firms produce those goods and services most valued by society. The market value of a machine part, for example, will depend upon a variety of objective facts involving its efficiency versus the efficiency of other types of part or other types of machine to make the kind of products that consumers will value in turn. In such a case, market value has both objective and subjective components. 2049: 1146: 43: 2754: 2037: 1158: 2668:, in their theory, is a measure of power, as illuminated through the present discounted value of future earnings (while also taking into account hype and risk). This formula is basic to finance which is the overarching logic of capitalism. The logic is also inherently differential as every capitalist strives to accumulate greater earnings than their competitors (but not 145: 2579:, where "Money is the necessary form of appearance of value (and of capital) in the sense that prices constitute the only form of appearance of the value of commodities." Similarly to the exchange theory, this theory emphasizes value as being socially determined, rather than having a physical substance. 2356:
asserted that "value" is a subjective judgment. Prices can only be determined by taking these subjective judgments into account, and that this is done through the price mechanism in the market. Thus, it was false to say that the economic value of a good was equal to what it cost to produce or to its
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In either case, what is being addressed are general prices—i.e., prices in the aggregate, not a specific price of a particular good or service in a given circumstance. Theories in either class allow for deviations when a particular price is struck in a real-world market transaction, or when a price
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theory) that explained value was determined by several different factors, including wages and rents. This theory of value, according to Smith, best explained the natural prices in the market. While an underdeveloped theory at the time, it did offer an alternative to another popular value theory of
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questions this by examining the use in comparison to price of these goods. Water, while necessary for life, is far less expensive than diamonds, which have basically no use. Which value theory holds true divides economic thinkers, and is the base for many socioeconomic and political beliefs.
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see values as part of his sociopolitical interpretation and critique of capitalism and other societies, and deny that it was intended to serve as a category of economics. According to a third interpretation, Marx aimed for a theory of the dynamics of price formation but did not complete it.
2655:. The structure of prices has little to do with the so-called "material" sphere of production and consumption. The quantification of power in prices is not the consequence of external laws—whether natural or historical—but entirely internal to society. 2238:. Many neoclassical economic theories equate the value of a commodity with its price, whether the market is competitive or not. As such, everything is seen as a commodity and if there is no market to set a price then there is no economic value. 2733:
in the late 19th century. These theories contradicted earlier labour theories of values proposed by classical economists which emphasize the role of socially necessary labour in producing value. The subjective theory of value helped answer the
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has puzzled economists since the beginning of the discipline. First, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods that can be exchanged. From this analysis came the concepts
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for a good or service?” Value for money is often expressed in comparative terms, such as "better", or "best value for money", but may also be expressed in absolute terms, such as where a deal does, or does not, offer value for money.
2304:, "is the largest amount of exertion that anyone will render in exchange for it. But as men always seek to gratify their desires with the least exertion this is the lowest amount for which a similar thing can otherwise be obtained." 2495:
denied value theory in economics. He thought that value theory is useless and prevents economics from becoming science and that a currency administration guided by value theory is doomed to sterility and inactivity.
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Said another way, value is how much a desired object or condition is worth relative to other objects or conditions. Economic values are expressed as "how much" of one desirable condition or product will, or would be
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is not, in theory, dependent on the existence of a market and price and value are not seen as equal. This is complicated, however, by the efforts of classical economists to connect price and labor value.
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required to produce it. When speaking in terms of a labor theory of value, value without any qualifying adjective theoretically refers to the amount of labor necessary for the production of a marketable
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in economics. He thought that value theory is useless and prevents economics from becoming science and that a currency administration guided by value theory is doomed to sterility and inactivity.
2230:, the value of an object or service is often seen as nothing but the price it would bring in an open and competitive market. This is determined primarily by the demand for the object relative to 2155:
is willing to buy a good, it implies that the customer places a higher value on the good than the market price. The difference between the value to the consumer and the market price is called "
2676:. In order to have a power theory of value there needs to be differential accumulation where some owners' rate of growth of capitalization is faster than the average pace of capitalization. 2214:
in exchange for some other desired condition or product. Among the competing schools of economic theory there are differing metrics for value assessment and the metrics are the subject of a
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makes the claim that "value" refers to "the innate worth of a commodity, which determines the normal ('equilibrium') ratio at which two commodities exchange." To Keen and the tradition of
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represents an assessment of whether financial or other resources are being used effectively in order to secure such benefit. Economic value is generally measured through units of
2623:(2009) argue that it was never possible to separate economics from politics. This separation is required to allow for neoclassical economics to base their theory on 2199:
and seller. Just as the buyer reveals what he is willing to pay for a certain amount of a good, so too does the seller reveal what it costs him to give up the good.
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was the belief that price and value were solely based on how much "use" an individual received from a commodity. However, this theory is rejected in Smith's work
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emphasizes the role of consumer preferences in influencing price. According to this theory, the consumer places a value on a commodity by determining the
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is obtained by the rate at which transactions occur, telling observers the extent to which the purchase of the good has value over time.
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attempted to quantify and embody all labor components in order to develop a theory of the real, or natural, price of a commodity.
3167: 2262:, for one, saw exchange value as the "form of appearance" (This interpretation of Marx is along the lines of the Marxist thinker 1181: 2903: 2072: 155: 107: 3963: 3244: 2888: 2525: 2323:, Marx, like Ricardo, developed a "labor theory of price" where the point of analyzing value was to allow the calculation of 2319:" (how much labor-time the sale of the commodity can claim, Smith's "labor commanded" value). By most interpretations of his 2312: 64: 79: 4144: 3933: 3923: 3616: 2793: 2759: 2711: 2267: 1672: 1410: 947: 605: 4083: 4056: 997: 987: 2218:. Value theories are a large part of the differences and disagreements between the various schools of economic theory. 86: 4510: 4491: 4068: 3913: 3879: 3864: 3843: 3838: 2823: 2215: 2133: 2021: 1241: 1231: 1174: 693: 630: 563: 541: 4550: 4485: 4061: 3751: 3741: 3134: 3105: 2939: 2818: 2695: 2685: 2270:
which implies that, although value is separate from exchange value, it is meaningless without the act of exchange.
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Value for money and international development: Deconstructing myths to promote a more constructive discussion
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Efficiency: the relationship between the output from goods or services and the resources to produce them –
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published a critique of the economic concept of value from a moral point of view. He entitled the volume
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Effectiveness: the relationship between the intended and actual results of public spending (outcomes) –
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that states a Knowledge editor's personal feelings or presents an original argument about a topic.
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asserts that the economic value of a commodity is determined by the total amount of
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was greatly inspired by Ruskin's book and published a paraphrase of it in 1908.
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In another classical tradition, Marx distinguished between the "value in use" (
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Stigler, George J. (1950-01-01). "The Development of Utility Theory. I".
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Ferry to be built at Ferguson yard despite not being 'value for money'
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Economy: minimising the cost of resources used or required (inputs) –
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Among the competing schools of economic theory there are differing
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uses the following summaries to explain the meaning of each term:
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The measure of benefit provided by a good or service in an economy
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In philosophy, economic value is a subcategory of a more general
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Proceedings of the Seventh International Conference in Economics
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Subjectivist or marginalist theories of value were created by
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constitutes the actual presupposition for this incorporation.
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Some Important Phases in the Evolution of the Idea of Value
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personal reflection, personal essay, or argumentative essay
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According to this analysis, when money incorporates
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History of Economic Thought: A Critical Perspective
67:. Unsourced material may be challenged and removed. 3133:; Peach, Terry "Interpreting Ricardo", Cambridge: 2375:The theory of value is closely related to that of 2955:, published 16 May 2023, accessed 8 December 2023 3316:"What is utility theory? definition and meaning" 3232:Capital as Power: A Study of Order and Creorder 3212:Capital as Power: A Study of Order and Creorder 3446: 2073: 1182: 8: 2718:to explain consumer preferences and price. 3453: 3439: 3431: 2942:on 22 March 2011, accessed 8 December 2023 2934:Department of Finance (Northern Ireland), 2880:; Peck, H. T.; Colby, F. M., eds. (1905). 2680:Subjective theory of value and marginalism 2293:and price. Ricardo, but not Keen, used a " 2147:, nor is economic value the same thing as 2100:is a measure of the benefit provided by a 2080: 2066: 1200: 1189: 1175: 196: 2672:). Nitzan and Bichler label this process 2285:called "natural prices" and Marx called " 185:Learn how and when to remove this message 127:Learn how and when to remove this message 2927: 2567:, especially those associated with the 1212: 208: 3111:Part III. Chapter 3. So-called "Value" 2985:, New York, Zed Books (2001) p. 271, 3405: 3403: 3051: 3049: 2892:(1st ed.). New York: Dodd, Mead. 2809:Real versus nominal value (economics) 2537:used in the production process. Both 7: 2549:is set in some price fixing regime. 65:adding citations to reliable sources 3530:Agent-based computational economics 3339:Staff, Investopedia (2008-02-13). 3290:Staff, Investopedia (2003-11-23). 3265:Staff, Investopedia (2011-01-20). 2936:Definition of best value for money 2512:Cost-of-production theory of value 2464:cost-of-production theory of value 2291:cost-of-production theory of value 25: 2883:"Value (political economy)"  2598:relation and the exploitation of 3988:neoclassical–Keynesian synthesis 3013:The Science of Political Economy 2861:W. G. Langworthy Taylor. 1985. " 2752: 2651:), Nitzan and Bichler propose a 2047: 2035: 1220: 1156: 1144: 143: 41: 2571:(New Readings of Marx) such as 2458:agreed with certain aspects of 1322:Concepts, theory and techniques 52:needs additional citations for 3411:"Austrian school of economics" 3125:, Oxford: Philip Allan, 1982, 2889:New International Encyclopedia 2313:socially-necessary labour time 1: 3924:Critique of political economy 2794:Non-extractive economic value 2760:Business and economics portal 2712:marginal rate of substitution 2627:and for Marxists to base the 2590:circulation, it functions as 2268:critique of political economy 2202:Additional information about 948:Critique of political economy 606:Critique of political economy 3366:Journal of Political Economy 3267:"Subjective Theory Of Value" 2867:Journal of Political Economy 2236:perfectly competitive market 998:Periodizations of capitalism 4556:Theory of value (economics) 2824:Theory of value (economics) 694:Simple commodity production 4572: 4062:Real business-cycle theory 3234:, Routledge, 2009, p. 228. 3135:Cambridge University Press 3106:The Natural Economic Order 2940:Northern Ireland Executive 2819:Subjective theory of value 2696:subjective theory of value 2686:Subjective theory of value 2683: 2556: 2509: 2503: 2357:current replacement cost. 1003:Perspectives on capitalism 29: 4502: 3214:, Routledge, 2009, p. 10. 3057:Assessing value for money 2918:Resources in your library 2799:Objective theory of value 2706:employs concepts such as 2674:differential accumulation 2433:goodness and value theory 2191:through the mechanism of 3194:, 6 November 2015, p. 6. 3059:, accessed 15 March 2019 2784:Marginal theory of value 2614:institutional economists 2577:monetary theory of value 2553:Monetary theory of value 2526:socially necessary labor 2420:Sometimes a fourth 'E', 2167:The economic value of a 1310:JEL classification codes 274:Economic interventionism 30:Not to be confused with 3702:Industrial organization 3525:Computational economics 3415:Encyclopedia Britannica 3055:National Audit Office, 2637:utility theory of value 2563:Critics of traditional 2476:utility theory of value 2466:(to later develop into 2247:(Labor Theory of Value) 2126:willing and able to pay 1496:Industrial organization 1353:Computational economics 943:Criticism of capitalism 3907:Modern monetary theory 3572:Experimental economics 3542:Pluralism in economics 3515:Mathematical economics 3320:BusinessDictionary.com 3017:. 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London: Routledge. 2287:prices of production 2266:) of value, in his 1575:Social choice theory 1126:Right-libertarianism 1056:Classical liberalism 1023:Venture philanthropy 659:Capitalism and Islam 654:Age of Enlightenment 249:Capital accumulation 61:improve this article 3865:American (National) 3565:Economic statistics 3086:Hunt, E.K. (2015). 2983:Debunking Economics 2971:. p. 7-1, 7-2. 2670:profit maximization 2518:classical economics 2429:philosophical value 2352:Economists such as 2315:it embodies), and " 2289:". It is part of a 2273:In this tradition, 2243:classical economics 2187:Value is linked to 2042:Business portal 1363:Operations research 1343:National accounting 1163:Business portal 279:Economic liberalism 269:Competitive markets 3292:"Marginal Utility" 2966:"Consumer Surplus" 2938:, endorsed by the 2448: 2371:Connected concepts 2139:Economic value is 1373:Industrial complex 1368:Middle income trap 923:Capitalist realism 314:Goods and services 294:Fictitious capital 167:encyclopedic style 154:is written like a 4551:Political economy 4538: 4537: 4069:New institutional 3121:Junankar, P. N., 2904:Library resources 2839:Value (marketing) 2740:supply and demand 2716:opportunity costs 2649:Marxian economics 2594:implementing the 2569:Neue Marx-LektĂĽre 2565:Marxian economics 2424:, is also added. 2181:value in exchange 2134:theories of value 2090: 2089: 1199: 1198: 1018:Spontaneous order 988:History of theory 631:New institutional 601:Market monetarism 536:Economic theories 369:Supply and demand 304:Free price system 195: 194: 187: 137: 136: 129: 111: 16:(Redirected from 4563: 3742:Natural resource 3577:Economic history 3503:Mechanism design 3455: 3448: 3441: 3432: 3425: 3424: 3422: 3421: 3407: 3398: 3397: 3361: 3355: 3354: 3352: 3351: 3336: 3330: 3329: 3327: 3326: 3312: 3306: 3305: 3303: 3302: 3287: 3281: 3280: 3278: 3277: 3262: 3256: 3255: 3253: 3251: 3241: 3235: 3228:Shimshon Bichler 3221: 3215: 3208:Shimshon Bichler 3201: 3195: 3185: 3179: 3178: 3176: 3175: 3161: 3152: 3146: 3123:Marx's economics 3119: 3113: 3098: 3092: 3091: 3083: 3077: 3066: 3060: 3053: 3044: 3043: 3038:. Archived from 3032: 3026: 3025: 3023: 3022: 3007: 3001: 2979: 2973: 2972: 2970: 2962: 2956: 2949: 2943: 2932: 2893: 2885: 2804:Paradox of value 2762: 2757: 2756: 2708:marginal utility 2700:marginal utility 2621:Shimshon Bichler 2573:Michael Heinrich 2437:science of value 2431:, as defined in 2354:Ludwig von Mises 2264:Michael Heinrich 2157:consumer surplus 2082: 2075: 2068: 2054:Money portal 2052: 2051: 2050: 2040: 2039: 1536:Natural resource 1328:Economic systems 1224: 1201: 1191: 1184: 1177: 1161: 1160: 1149: 1148: 953:Critique of work 928:Capitalist state 611:Critique of work 494:Regulated market 396:Economic systems 349:Private property 299:Financial market 289:Entrepreneurship 284:Economic surplus 197: 190: 183: 179: 176: 170: 147: 146: 139: 132: 125: 121: 118: 112: 110: 69: 45: 37: 21: 4571: 4570: 4566: 4565: 4564: 4562: 4561: 4560: 4541: 4540: 4539: 4534: 4531:Business portal 4498: 4497: 4496: 4456: 4220:von Böhm-Bawerk 4108: 4107: 4098: 3870:Ancient thought 3848: 3847: 3841: 3832: 3831: 3830: 3581: 3546: 3498:Contract theory 3483:Decision theory 3464: 3459: 3429: 3428: 3419: 3417: 3409: 3408: 3401: 3363: 3362: 3358: 3349: 3347: 3338: 3337: 3333: 3324: 3322: 3314: 3313: 3309: 3300: 3298: 3289: 3288: 3284: 3275: 3273: 3264: 3263: 3259: 3249: 3247: 3243: 3242: 3238: 3224:Jonathan Nitzan 3222: 3218: 3204:Jonathan Nitzan 3202: 3198: 3186: 3182: 3173: 3171: 3159: 3154: 3153: 3149: 3120: 3116: 3099: 3095: 3085: 3084: 3080: 3067: 3063: 3054: 3047: 3034: 3033: 3029: 3020: 3018: 3009: 3008: 3004: 2980: 2976: 2968: 2964: 2963: 2959: 2950: 2946: 2933: 2929: 2924: 2923: 2922: 2912: 2911: 2907: 2900: 2876: 2858: 2856:Further reading 2853: 2758: 2751: 2748: 2692: 2684:Main articles: 2682: 2635:. Instead of a 2633:abstract labour 2617:Jonathan Nitzan 2608: 2561: 2555: 2514: 2508: 2502: 2453: 2414:spending wisely 2373: 2325:relative prices 2253:is recognized, 2224: 2216:theory of value 2169:good or service 2165: 2114:value for money 2086: 2048: 2046: 2034: 2027: 2026: 1997: 1987: 1986: 1985: 1984: 1748:von Böhm-Bawerk 1636: 1625: 1624: 1386: 1378: 1377: 1333:Economic growth 1323: 1315: 1314: 1256: 1254:classifications 1195: 1155: 1143: 1136: 1135: 1041: 1033: 1032: 1008:Post-capitalism 913:Anti-capitalism 908: 900: 899: 795: 787: 786: 707: 699: 698: 649: 641: 640: 537: 529: 528: 519:State-sponsored 397: 389: 388: 254:Capital markets 219: 191: 180: 174: 171: 163:help improve it 160: 148: 144: 133: 122: 116: 113: 70: 68: 58: 46: 35: 28: 23: 22: 18:Value for money 15: 12: 11: 5: 4569: 4567: 4559: 4558: 4553: 4543: 4542: 4536: 4535: 4533: 4528: 4523: 4518: 4513: 4508: 4503: 4500: 4499: 4495: 4494: 4489: 4479: 4474: 4468: 4467: 4466: 4464: 4458: 4457: 4455: 4454: 4447: 4442: 4437: 4432: 4427: 4422: 4417: 4412: 4407: 4402: 4397: 4392: 4387: 4382: 4377: 4372: 4367: 4362: 4357: 4352: 4347: 4342: 4337: 4332: 4327: 4322: 4317: 4312: 4307: 4302: 4297: 4292: 4287: 4282: 4277: 4272: 4267: 4262: 4257: 4252: 4247: 4242: 4237: 4232: 4227: 4222: 4217: 4212: 4207: 4202: 4197: 4192: 4187: 4182: 4177: 4172: 4167: 4162: 4157: 4152: 4147: 4142: 4137: 4132: 4127: 4122: 4117: 4111: 4109: 4103: 4100: 4099: 4097: 4096: 4091: 4086: 4081: 4076: 4071: 4066: 4065: 4064: 4054: 4053: 4052: 4042: 4037: 4032: 4031: 4030: 4020: 4015: 4010: 4009: 4008: 4007: 4006: 3996: 3991: 3976: 3971: 3966: 3961: 3956: 3951: 3946: 3941: 3936: 3934:Disequilibrium 3931: 3926: 3921: 3916: 3911: 3910: 3909: 3899: 3894: 3889: 3884: 3883: 3882: 3872: 3867: 3862: 3857: 3851: 3849: 3837: 3834: 3833: 3829: 3828: 3823: 3818: 3813: 3808: 3803: 3798: 3793: 3788: 3783: 3774: 3769: 3764: 3759: 3754: 3749: 3747:Organizational 3744: 3739: 3734: 3729: 3724: 3719: 3714: 3709: 3704: 3699: 3694: 3689: 3684: 3679: 3674: 3669: 3664: 3659: 3654: 3649: 3644: 3639: 3634: 3629: 3624: 3619: 3614: 3609: 3604: 3599: 3593: 3592: 3591: 3589: 3583: 3582: 3580: 3579: 3574: 3569: 3568: 3567: 3556: 3554: 3548: 3547: 3545: 3544: 3539: 3534: 3533: 3532: 3522: 3517: 3512: 3510:Macroeconomics 3507: 3506: 3505: 3500: 3495: 3490: 3485: 3478:Microeconomics 3474: 3472: 3466: 3465: 3460: 3458: 3457: 3450: 3443: 3435: 3427: 3426: 3399: 3378:10.1086/256962 3356: 3331: 3307: 3282: 3257: 3236: 3216: 3196: 3180: 3147: 3114: 3093: 3078: 3061: 3045: 3042:on 2017-12-10. 3027: 3002: 2974: 2957: 2944: 2926: 2925: 2921: 2920: 2914: 2913: 2902: 2901: 2899: 2896: 2895: 2894: 2874: 2857: 2854: 2852: 2851: 2846: 2841: 2836: 2831: 2826: 2821: 2816: 2814:Store of value 2811: 2806: 2801: 2796: 2791: 2786: 2781: 2776: 2771: 2765: 2764: 2763: 2747: 2744: 2681: 2678: 2666:Capitalization 2631:on quantified 2607: 2604: 2575:, emphasize a 2554: 2551: 2504:Main article: 2501: 2498: 2468:exchange value 2452: 2449: 2446:Value or price 2418: 2417: 2410: 2403: 2372: 2369: 2342:Unto This Last 2317:exchange value 2255:economic value 2251:exchange value 2223: 2220: 2164: 2161: 2110:economic agent 2098:economic value 2088: 2087: 2085: 2084: 2077: 2070: 2062: 2059: 2058: 2057: 2056: 2044: 2029: 2028: 2025: 2024: 2019: 2009: 2004: 1998: 1993: 1992: 1989: 1988: 1983: 1982: 1975: 1970: 1965: 1960: 1955: 1950: 1945: 1940: 1935: 1930: 1925: 1920: 1915: 1910: 1905: 1900: 1895: 1890: 1885: 1880: 1875: 1870: 1865: 1860: 1855: 1850: 1845: 1840: 1835: 1830: 1825: 1820: 1815: 1810: 1805: 1800: 1795: 1790: 1785: 1780: 1775: 1770: 1765: 1760: 1755: 1750: 1745: 1740: 1735: 1730: 1725: 1720: 1715: 1710: 1705: 1700: 1695: 1690: 1685: 1680: 1675: 1670: 1665: 1660: 1655: 1650: 1645: 1639: 1638: 1637: 1631: 1630: 1627: 1626: 1623: 1622: 1617: 1612: 1607: 1602: 1597: 1592: 1587: 1582: 1577: 1568: 1563: 1558: 1553: 1548: 1543: 1541:Organizational 1538: 1533: 1528: 1523: 1518: 1513: 1508: 1503: 1498: 1493: 1488: 1483: 1478: 1473: 1468: 1463: 1458: 1453: 1448: 1443: 1438: 1433: 1428: 1423: 1418: 1413: 1408: 1403: 1398: 1393: 1387: 1385:By application 1384: 1383: 1380: 1379: 1376: 1375: 1370: 1365: 1360: 1355: 1350: 1345: 1340: 1335: 1330: 1324: 1321: 1320: 1317: 1316: 1313: 1312: 1307: 1302: 1297: 1292: 1287: 1278: 1273: 1268: 1263: 1257: 1251: 1250: 1247: 1246: 1245: 1244: 1239: 1234: 1226: 1225: 1217: 1216: 1210: 1209: 1197: 1196: 1194: 1193: 1186: 1179: 1171: 1168: 1167: 1166: 1165: 1153: 1138: 1137: 1134: 1133: 1128: 1123: 1118: 1116:Ordoliberalism 1113: 1108: 1103: 1098: 1093: 1088: 1083: 1078: 1073: 1068: 1063: 1058: 1053: 1048: 1042: 1039: 1038: 1035: 1034: 1031: 1030: 1025: 1020: 1015: 1010: 1005: 1000: 995: 993:Market economy 990: 985: 980: 975: 970: 965: 960: 955: 950: 945: 940: 935: 930: 925: 920: 915: 909: 907:Related topics 906: 905: 902: 901: 898: 897: 892: 887: 882: 877: 872: 867: 862: 857: 852: 847: 842: 837: 832: 827: 822: 817: 812: 807: 802: 796: 793: 792: 789: 788: 785: 784: 779: 777:State monopoly 774: 769: 764: 759: 754: 749: 744: 739: 734: 729: 724: 719: 714: 708: 705: 704: 701: 700: 697: 696: 691: 686: 681: 676: 671: 666: 661: 656: 650: 647: 646: 643: 642: 639: 638: 633: 628: 623: 618: 613: 608: 603: 598: 597: 596: 591: 586: 576: 571: 566: 561: 560: 559: 549: 544: 538: 535: 534: 531: 530: 527: 526: 521: 516: 511: 506: 501: 496: 491: 486: 481: 476: 471: 466: 461: 456: 451: 446: 441: 436: 429: 424: 419: 414: 409: 404: 398: 395: 394: 391: 390: 387: 386: 381: 376: 371: 366: 361: 356: 351: 346: 341: 336: 334:Liberalization 331: 326: 324:Invisible hand 321: 316: 311: 306: 301: 296: 291: 286: 281: 276: 271: 266: 261: 256: 251: 246: 241: 239:Businessperson 236: 234:Business cycle 231: 226: 220: 217: 216: 213: 212: 206: 205: 193: 192: 151: 149: 142: 135: 134: 49: 47: 40: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 4568: 4557: 4554: 4552: 4549: 4548: 4546: 4532: 4529: 4527: 4524: 4522: 4519: 4517: 4514: 4512: 4509: 4507: 4504: 4501: 4493: 4490: 4487: 4483: 4480: 4478: 4475: 4473: 4470: 4469: 4465: 4463: 4459: 4453: 4452: 4448: 4446: 4443: 4441: 4438: 4436: 4433: 4431: 4428: 4426: 4423: 4421: 4418: 4416: 4413: 4411: 4408: 4406: 4403: 4401: 4398: 4396: 4393: 4391: 4388: 4386: 4383: 4381: 4378: 4376: 4373: 4371: 4368: 4366: 4363: 4361: 4358: 4356: 4353: 4351: 4348: 4346: 4343: 4341: 4338: 4336: 4333: 4331: 4328: 4326: 4323: 4321: 4318: 4316: 4313: 4311: 4308: 4306: 4303: 4301: 4298: 4296: 4293: 4291: 4288: 4286: 4283: 4281: 4278: 4276: 4273: 4271: 4268: 4266: 4263: 4261: 4258: 4256: 4253: 4251: 4248: 4246: 4243: 4241: 4238: 4236: 4233: 4231: 4228: 4226: 4223: 4221: 4218: 4216: 4213: 4211: 4208: 4206: 4203: 4201: 4198: 4196: 4193: 4191: 4188: 4186: 4183: 4181: 4178: 4176: 4173: 4171: 4168: 4166: 4163: 4161: 4158: 4156: 4153: 4151: 4148: 4146: 4143: 4141: 4138: 4136: 4133: 4131: 4128: 4126: 4123: 4121: 4118: 4116: 4115:de Mandeville 4113: 4112: 4110: 4106: 4101: 4095: 4092: 4090: 4087: 4085: 4082: 4080: 4077: 4075: 4072: 4070: 4067: 4063: 4060: 4059: 4058: 4057:New classical 4055: 4051: 4048: 4047: 4046: 4043: 4041: 4038: 4036: 4033: 4029: 4026: 4025: 4024: 4021: 4019: 4016: 4014: 4013:Malthusianism 4011: 4005: 4002: 4001: 4000: 3997: 3995: 3992: 3989: 3985: 3982: 3981: 3980: 3977: 3975: 3974:Institutional 3972: 3970: 3967: 3965: 3962: 3960: 3957: 3955: 3952: 3950: 3947: 3945: 3942: 3940: 3937: 3935: 3932: 3930: 3927: 3925: 3922: 3920: 3917: 3915: 3912: 3908: 3905: 3904: 3903: 3900: 3898: 3895: 3893: 3890: 3888: 3885: 3881: 3878: 3877: 3876: 3873: 3871: 3868: 3866: 3863: 3861: 3858: 3856: 3853: 3852: 3850: 3845: 3840: 3835: 3827: 3824: 3822: 3819: 3817: 3814: 3812: 3809: 3807: 3804: 3802: 3799: 3797: 3794: 3792: 3789: 3787: 3784: 3782: 3778: 3777:Public choice 3775: 3773: 3770: 3768: 3765: 3763: 3760: 3758: 3755: 3753: 3752:Participation 3750: 3748: 3745: 3743: 3740: 3738: 3735: 3733: 3730: 3728: 3725: 3723: 3720: 3718: 3715: 3713: 3712:Institutional 3710: 3708: 3705: 3703: 3700: 3698: 3695: 3693: 3690: 3688: 3685: 3683: 3680: 3678: 3675: 3673: 3670: 3668: 3665: 3663: 3662:Expeditionary 3660: 3658: 3655: 3653: 3652:Environmental 3650: 3648: 3645: 3643: 3640: 3638: 3635: 3633: 3630: 3628: 3625: 3623: 3620: 3618: 3615: 3613: 3610: 3608: 3605: 3603: 3600: 3598: 3595: 3594: 3590: 3588: 3584: 3578: 3575: 3573: 3570: 3566: 3563: 3562: 3561: 3558: 3557: 3555: 3553: 3549: 3543: 3540: 3538: 3535: 3531: 3528: 3527: 3526: 3523: 3521: 3518: 3516: 3513: 3511: 3508: 3504: 3501: 3499: 3496: 3494: 3491: 3489: 3486: 3484: 3481: 3480: 3479: 3476: 3475: 3473: 3471: 3467: 3463: 3456: 3451: 3449: 3444: 3442: 3437: 3436: 3433: 3416: 3412: 3406: 3404: 3400: 3395: 3391: 3387: 3383: 3379: 3375: 3372:(4): 307–27. 3371: 3367: 3360: 3357: 3346: 3342: 3341:"Marginalism" 3335: 3332: 3321: 3317: 3311: 3308: 3297: 3293: 3286: 3283: 3272: 3268: 3261: 3258: 3246: 3240: 3237: 3233: 3229: 3225: 3220: 3217: 3213: 3209: 3205: 3200: 3197: 3193: 3189: 3184: 3181: 3169: 3165: 3158: 3151: 3148: 3144: 3143:0-521-26086-8 3140: 3136: 3132: 3131:0-86003-125-X 3128: 3124: 3118: 3115: 3112: 3108: 3107: 3102: 3101:Silvio Gesell 3097: 3094: 3089: 3082: 3079: 3075: 3071: 3068:Jackson, P., 3065: 3062: 3058: 3052: 3050: 3046: 3041: 3037: 3031: 3028: 3016: 3014: 3006: 3003: 3000: 2996: 2992: 2991:1-86403-070-4 2988: 2984: 2978: 2975: 2967: 2961: 2958: 2954: 2948: 2945: 2941: 2937: 2931: 2928: 2919: 2916: 2915: 2910: 2905: 2897: 2891: 2890: 2884: 2879: 2878:Gilman, D. C. 2875: 2873:(4): 414–433. 2872: 2868: 2864: 2860: 2859: 2855: 2850: 2849:Value network 2847: 2845: 2842: 2840: 2837: 2835: 2832: 2830: 2827: 2825: 2822: 2820: 2817: 2815: 2812: 2810: 2807: 2805: 2802: 2800: 2797: 2795: 2792: 2790: 2787: 2785: 2782: 2780: 2777: 2775: 2772: 2770: 2769:Asset pricing 2767: 2766: 2761: 2755: 2750: 2745: 2743: 2741: 2737: 2732: 2728: 2724: 2719: 2717: 2713: 2709: 2705: 2701: 2697: 2691: 2687: 2679: 2677: 2675: 2671: 2667: 2663: 2661: 2656: 2654: 2650: 2647:(as found in 2646: 2642: 2638: 2634: 2630: 2626: 2625:utility value 2622: 2618: 2615: 2612: 2605: 2603: 2601: 2597: 2593: 2589: 2585: 2580: 2578: 2574: 2570: 2566: 2560: 2552: 2550: 2546: 2544: 2540: 2539:David Ricardo 2536: 2532: 2527: 2523: 2519: 2513: 2507: 2499: 2497: 2494: 2493:Silvio Gesell 2490: 2487: 2484:. The famous 2483: 2482: 2477: 2472: 2469: 2465: 2461: 2457: 2450: 2444: 2440: 2438: 2434: 2430: 2425: 2423: 2415: 2411: 2408: 2407:spending well 2404: 2401: 2400:spending less 2397: 2396: 2395: 2393: 2389: 2388:effectiveness 2385: 2380: 2378: 2370: 2368: 2366: 2362: 2361:Silvio Gesell 2358: 2355: 2350: 2348: 2344: 2343: 2338: 2333: 2330: 2326: 2322: 2318: 2314: 2310: 2305: 2303: 2298: 2296: 2292: 2288: 2284: 2280: 2279:David Ricardo 2276: 2271: 2269: 2265: 2261: 2256: 2252: 2248: 2244: 2239: 2237: 2233: 2229: 2221: 2219: 2217: 2213: 2207: 2205: 2200: 2198: 2194: 2190: 2185: 2184: 2182: 2177: 2176: 2170: 2162: 2160: 2158: 2154: 2150: 2146: 2142: 2137: 2135: 2130: 2127: 2123: 2119: 2115: 2111: 2107: 2103: 2099: 2095: 2083: 2078: 2076: 2071: 2069: 2064: 2063: 2061: 2060: 2055: 2045: 2043: 2038: 2033: 2032: 2031: 2030: 2023: 2020: 2017: 2013: 2010: 2008: 2005: 2003: 2000: 1999: 1996: 1991: 1990: 1981: 1980: 1976: 1974: 1971: 1969: 1966: 1964: 1961: 1959: 1956: 1954: 1951: 1949: 1946: 1944: 1941: 1939: 1936: 1934: 1931: 1929: 1926: 1924: 1921: 1919: 1916: 1914: 1911: 1909: 1906: 1904: 1901: 1899: 1896: 1894: 1891: 1889: 1886: 1884: 1881: 1879: 1876: 1874: 1871: 1869: 1866: 1864: 1861: 1859: 1856: 1854: 1851: 1849: 1846: 1844: 1841: 1839: 1836: 1834: 1831: 1829: 1826: 1824: 1821: 1819: 1816: 1814: 1811: 1809: 1806: 1804: 1801: 1799: 1796: 1794: 1791: 1789: 1786: 1784: 1781: 1779: 1776: 1774: 1771: 1769: 1766: 1764: 1761: 1759: 1756: 1754: 1751: 1749: 1746: 1744: 1741: 1739: 1736: 1734: 1731: 1729: 1726: 1724: 1721: 1719: 1716: 1714: 1711: 1709: 1706: 1704: 1701: 1699: 1696: 1694: 1691: 1689: 1686: 1684: 1681: 1679: 1676: 1674: 1671: 1669: 1666: 1664: 1661: 1659: 1656: 1654: 1651: 1649: 1646: 1644: 1643:de Mandeville 1641: 1640: 1635: 1629: 1628: 1621: 1618: 1616: 1613: 1611: 1608: 1606: 1603: 1601: 1598: 1596: 1593: 1591: 1588: 1586: 1583: 1581: 1578: 1576: 1572: 1571:Public choice 1569: 1567: 1564: 1562: 1559: 1557: 1554: 1552: 1549: 1547: 1546:Participation 1544: 1542: 1539: 1537: 1534: 1532: 1529: 1527: 1524: 1522: 1519: 1517: 1514: 1512: 1509: 1507: 1506:Institutional 1504: 1502: 1499: 1497: 1494: 1492: 1489: 1487: 1484: 1482: 1479: 1477: 1474: 1472: 1469: 1467: 1464: 1462: 1459: 1457: 1456:Expeditionary 1454: 1452: 1449: 1447: 1446:Environmental 1444: 1442: 1439: 1437: 1434: 1432: 1429: 1427: 1424: 1422: 1419: 1417: 1414: 1412: 1409: 1407: 1404: 1402: 1399: 1397: 1394: 1392: 1389: 1388: 1382: 1381: 1374: 1371: 1369: 1366: 1364: 1361: 1359: 1356: 1354: 1351: 1349: 1346: 1344: 1341: 1339: 1336: 1334: 1331: 1329: 1326: 1325: 1319: 1318: 1311: 1308: 1306: 1303: 1301: 1298: 1296: 1293: 1291: 1288: 1286: 1282: 1279: 1277: 1276:International 1274: 1272: 1269: 1267: 1264: 1262: 1259: 1258: 1255: 1252:Branches and 1249: 1248: 1243: 1240: 1238: 1235: 1233: 1230: 1229: 1228: 1227: 1223: 1219: 1218: 1215: 1211: 1207: 1203: 1202: 1192: 1187: 1185: 1180: 1178: 1173: 1172: 1170: 1169: 1164: 1159: 1154: 1152: 1147: 1142: 1141: 1140: 1139: 1132: 1129: 1127: 1124: 1122: 1119: 1117: 1114: 1112: 1109: 1107: 1106:Neoliberalism 1104: 1102: 1099: 1097: 1094: 1092: 1089: 1087: 1084: 1082: 1079: 1077: 1074: 1072: 1069: 1067: 1064: 1062: 1059: 1057: 1054: 1052: 1051:Authoritarian 1049: 1047: 1044: 1043: 1037: 1036: 1029: 1026: 1024: 1021: 1019: 1016: 1014: 1011: 1009: 1006: 1004: 1001: 999: 996: 994: 991: 989: 986: 984: 981: 979: 978:Globalization 976: 974: 971: 969: 966: 964: 961: 959: 956: 954: 951: 949: 946: 944: 941: 939: 938:Crisis theory 936: 934: 931: 929: 926: 924: 921: 919: 916: 914: 911: 910: 904: 903: 896: 893: 891: 888: 886: 883: 881: 878: 876: 873: 871: 868: 866: 863: 861: 858: 856: 853: 851: 848: 846: 843: 841: 838: 836: 833: 831: 828: 826: 823: 821: 818: 816: 813: 811: 808: 806: 803: 801: 798: 797: 794:Intellectuals 791: 790: 783: 782:Technological 780: 778: 775: 773: 770: 768: 765: 763: 760: 758: 755: 753: 750: 748: 745: 743: 740: 738: 735: 733: 730: 728: 725: 723: 720: 718: 715: 713: 710: 709: 703: 702: 695: 692: 690: 687: 685: 682: 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Though 2094:economics 1923:Greenspan 1888:Samuelson 1868:Galbraith 1838:Tinbergen 1778:von Mises 1773:Heckscher 1733:Edgeworth 1551:Personnel 1511:Knowledge 1476:Happiness 1466:Financial 1436:Education 1411:Democracy 1305:Political 1271:Heterodox 1214:Economics 1131:Third Way 1121:Privatism 1081:Inclusive 1066:Dirigisme 860:von Mises 747:Illiberal 727:Corporate 722:Community 669:Feudalism 579:Keynesian 569:Classical 412:Corporate 224:Austerity 4506:Category 4486:journals 4472:Glossary 4425:Stiglitz 4390:Rothbard 4370:Buchanan 4355:Friedman 4345:Koopmans 4335:Leontief 4315:Robinson 4200:Marshall 4050:Lausanne 3954:Georgism 3949:Feminist 3897:Buddhist 3887:Austrian 3786:Regional 3762:Planning 3737:Monetary 3667:Feminist 3612:Cultural 3607:Business 3137:, 1993, 2999:45804669 2746:See also 2451:Theories 2212:given up 2193:exchange 2163:Overview 2153:consumer 2118:currency 2016:journals 2002:Glossary 1953:Stiglitz 1918:Rothbard 1898:Buchanan 1883:Friedman 1873:Koopmans 1863:Leontief 1843:Robinson 1728:Marshall 1632:Notable 1580:Regional 1556:Planning 1531:Monetary 1461:Feminist 1406:Cultural 1401:Business 1206:a series 1204:Part of 958:Cronyism 870:Rothbard 845:Marshall 830:Friedman 762:Merchant 717:Consumer 712:Advanced 547:Austrian 542:American 469:National 464:Monopoly 417:Dirigist 319:Investor 229:Business 218:Concepts 202:a series 200:Part of 4521:Outline 4492:Schools 4484: ( 4445:Piketty 4440:Krugman 4305:Kuznets 4295:Kalecki 4270:Polanyi 4160:Cournot 4155:Bastiat 4140:Ricardo 4130:Malthus 4120:Quesnay 4023:Marxian 3914:Chicago 3844:history 3839:Schools 3826:Welfare 3796:Service 3587:Applied 3386:1828885 2834:Utility 2643:) or a 2611:Radical 2592:capital 2535:capital 2363:denied 2151:. 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