I have covered a lot of the subject of socialism before. I believe, however, that socialism deserves a lot more attention because of the rising popularity of socialism and socialist programs. But, explaining the pitfalls of socialism might not offer the best approach. Maybe, explaining capitalism might provide a better approach. Most of the advocacy … Continue reading A Review of Capitalism
Tag: economic schools
Various economic concepts have their origin in different economic schools.
Socialism: An Economic Ideal
A lot of discussion and debate revolves around socialism as a replacement for capitalism. It’s easy to see why socialism makes sense to many people. Socialists advocate for many of the things we all desire. Why shouldn’t we get free healthcare? Is it not an integral part of the right to life? It would be … Continue reading Socialism: An Economic Ideal
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
Cost of Production Value Theory
Probably the most popular concept of value incorporates the cost of production. The idea here is that any economic good, whether a consumer good or production good, has value based on the sum of the costs of resources used to produce it. A loaf of bread, for example, would have the value of the sum … Continue reading Cost of Production Value Theory
Labor Theory of Value
Source Some people believe that, since all economic goods require some amount of labor to produce (even "free" goods require the labor to pick them up off the ground, pluck them off a bush, or capture them with one's hands,) economic goods get their value from the labor required for their production. Formal explanations of … Continue reading Labor Theory of Value
Intrinsic Value
Believing that the value of a thing resides within an object or action seems like an easy approach at the outset. But the idea of intrinsic value falls apart, as do several of the value theories, based on our criteria: source and measure. Source The idea of intrinsic value argues that something in an object … Continue reading Intrinsic Value
Conflicting Value Theories
In spite of the importance of value to the development of sound economic theory a lot of people disagree about the source and measure of value. I will touch on the more prominent value theories Over the next couple of posts. But, before I move on to the discussion of the theories of economic value … Continue reading Conflicting Value Theories