Value theory is central to economics. Whenever new economic theories appear on stage, their theory of value is different. I classify value theories along Locke's lines of primary and secondary qualities. When value is thought to inhere in objects, value is a primary quality. The marginalists perceive value as given to objects by autonomous individuals independent of their environment (much like monads) with given preferences. Value here is a secondary quality. Both are unsatisfactory; value is a social construct. The question arises why social value theory, which Clark and Anderson worked on around the turn of the nineteenth century, did not take root.
|Number of pages||17|
|Journal||European Journal of the History of Economic Thought|
|Publication status||Published - 1 Jan 1997|
- John Locke
- social value theory
- value theory