The source of value has huge significance in the development of economic theory.
Month: September 2018
Separate Individuals
I mentioned in my previous post that only separate individuals can determine value. In this post I would simply like to add emphasis to that point. It will take on critical importance as we study other aspects of economic systems. Not shared value We frequently hear people speak of shared value (or values). In fact, individuals cannot … Continue reading Separate Individuals
Subjective-Value Theory
In a previous post I introduced the topic of Subjective Value. I used an anecdote to demonstrate how an individual in the process of shopping decides about value. In the text below I will define some of the important characteristics and qualifications of subjective value. Because economic value consists of a crisscross matrix of concepts, … Continue reading Subjective-Value Theory
Conflicting Value Theories
Since the beginning of economics as a specialized study, economist have realized that the concept of value lies at the core of economic theory. They have developed several value theories over the years but most of those theories have suffered from fatal flaws. The only theory that holds up to logical scrutiny is the Subjective … Continue reading Conflicting Value Theories
A Return to Value Theory
After a prolonged hiatus, I want to return to my discussion of value theory. A workable theory for value plays such a fundamental part in economic theory, regardless of the school of thought, that it cannot be overemphasized. Because The Free Market Center Journal advocates the validity of the Subjective Theory of Value, which many … Continue reading A Return to Value Theory