The progressive abandonment of the idea of value by the neoclassical theory
Type de matériel :
TexteLangue : français Détails de publication : 2023.
Sujet(s) : Ressources en ligne : Abrégé : There is a persistent tendency, especially in France, to associate neoclassical economics with a “utility theory of value” which is seen as an alternative to the “labor theory of value”. But neoclassical economists have long abandoned the idea of establishing a straightforward relation between value and utility. In fact, they have progressively moved away from the very notion of value to focus solely on prices. It remains to be seen whether a theory of value can be completely dispensed with.
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There is a persistent tendency, especially in France, to associate neoclassical economics with a “utility theory of value” which is seen as an alternative to the “labor theory of value”. But neoclassical economists have long abandoned the idea of establishing a straightforward relation between value and utility. In fact, they have progressively moved away from the very notion of value to focus solely on prices. It remains to be seen whether a theory of value can be completely dispensed with.
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