2432:
2334:, 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."
2651:, 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.
2727:," 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
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2368:, 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.
134:
2657:, 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
2568:, 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.
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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
2537:
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.
2320:
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.
2644:. 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.
2227:. 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.
2722:
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
2160:
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.
2293:, "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."
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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
2356:
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.
2219:, 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
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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 "
2665:. 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.
2203:
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
2379:, often referred to as the "Three Es", may be used as complementary factors contributing to an assessment of the value for money provided by a purchase, project or activity. The UK
2105:
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
2612:(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
2188:
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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2148:". It is easy to see situations where the actual value is considerably larger than the market price: purchase of drinking water is one example.
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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.
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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
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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:
16:
The measure of benefit provided by a good or service in an economy
3181:"Marx's Monetary Theory of Value, Fictitious Capital and Finance"
2822:
2613:
2416:
In philosophy, economic value is a subcategory of a more general
2289:"The value of a thing in any given time and place", according to
1134:
247:
3153:
Proceedings of the
Seventh International Conference in Economics
3234:"Capitalism as a Mode of Power interviewed by Piotr Dutkiewicz"
2742:
2025:
1146:
2710:
Subjectivist or marginalist theories of value were created by
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constitutes the actual presupposition for this incorporation.
2668:
2185:
2177:
2133:
2110:
2090:
332:
3419:
3025:"The Natural Economic Order/Part III/Chapter 3 – Bibliowiki"
3062:
2852:
Some
Important Phases in the Evolution of the Idea of Value
2522:, including the labor necessary for the development of any
145:
personal reflection, personal essay, or argumentative essay
2947:
3146:"Marx's Value Theory Revisited. A 'Value-form' Approach."
2691:, or additional satisfaction of one additional unit.
2738:
2571:
According to this analysis, when money incorporates
3077:
History of
Economic Thought: A Critical Perspective
56:. Unsourced material may be challenged and removed.
3122:; Peach, Terry "Interpreting Ricardo", Cambridge:
2364:The theory of value is closely related to that of
2944:, published 16 May 2023, accessed 8 December 2023
4519:
3305:"What is utility theory? definition and meaning"
3221:Capital as Power: A Study of Order and Creorder
3201:Capital as Power: A Study of Order and Creorder
2865:
3435:
2062:
1171:
2707:to explain consumer preferences and price.
2541:
3442:
3428:
2931:on 22 March 2011, accessed 8 December 2023
2923:Department of Finance (Northern Ireland),
2869:; Peck, H. T.; Colby, F. M., eds. (1905).
2669:Subjective theory of value and marginalism
2282:and price. Ricardo, but not Keen, used a "
2136:, nor is economic value the same thing as
2089:is a measure of the benefit provided by a
2069:
2055:
1178:
1164:
2661:). Nitzan and Bichler label this process
2274:called "natural prices" and Marx called "
174:Learn how and when to remove this message
116:Learn how and when to remove this message
2594:
2488:
2430:
3352:
2556:, especially those associated with the
4520:
3143:
3100:Part III. Chapter 3. So-called "Value"
2974:, New York, Zed Books (2001) p. 271,
3423:
3394:
3392:
3327:
3278:
3253:
3040:
3038:
2881:(1st ed.). New York: Dodd, Mead.
2798:Real versus nominal value (economics)
2526:used in the production process. Both
2359:
3074:
2538:is set in some price fixing regime.
127:
54:adding citations to reliable sources
25:
13:
3389:
3328:Staff, Investopedia (2008-02-13).
3279:Staff, Investopedia (2003-11-23).
3254:Staff, Investopedia (2011-01-20).
3035:
2925:Definition of best value for money
2844:
2501:Cost-of-production theory of value
2453:cost-of-production theory of value
2280:cost-of-production theory of value
14:
4544:
2872:"Value (political economy)"
2587:relation and the exploitation of
3965:neoclassical–Keynesian synthesis
3002:The Science of Political Economy
2850:W. G. Langworthy Taylor. 1985. "
2741:
2640:), Nitzan and Bichler propose a
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3083:
2560:(New Readings of Marx) such as
2447:agreed with certain aspects of
2210:
1311:Concepts, theory and techniques
41:needs additional citations for
3400:"Austrian school of economics"
3114:, Oxford: Philip Allan, 1982,
3068:
3051:
3017:
2992:
2964:
2934:
2917:
2878:New International Encyclopedia
2302:socially-necessary labour time
1:
3901:Critique of political economy
3449:
2886:
2783:Non-extractive economic value
2749:Business and economics portal
2701:marginal rate of substitution
2616:and for Marxists to base the
2579:circulation, it functions as
2257:critique of political economy
2191:Additional information about
937:Critique of political economy
595:Critique of political economy
3355:Journal of Political Economy
3256:"Subjective Theory Of Value"
2856:Journal of Political Economy
2225:perfectly competitive market
987:Periodizations of capitalism
7:
4533:Theory of value (economics)
2813:Theory of value (economics)
2734:
2439:
2151:
683:Simple commodity production
10:
4549:
4039:Real business-cycle theory
3223:, Routledge, 2009, p. 228.
3124:Cambridge University Press
3095:The Natural Economic Order
2929:Northern Ireland Executive
2808:Subjective theory of value
2685:subjective theory of value
2675:Subjective theory of value
2672:
2545:
2498:
2492:
2346:current replacement cost.
992:Perspectives on capitalism
18:
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3562:
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3457:
3203:, Routledge, 2009, p. 10.
3046:Assessing value for money
2907:Resources in your library
2788:Objective theory of value
2695:employs concepts such as
2663:differential accumulation
2422:goodness and value theory
2180:through the mechanism of
3183:, 6 November 2015, p. 6.
3048:, accessed 15 March 2019
2773:Marginal theory of value
2603:institutional economists
2566:monetary theory of value
2542:Monetary theory of value
2515:socially necessary labor
2409:Sometimes a fourth 'E',
2156:The economic value of a
1299:JEL classification codes
263:Economic interventionism
19:Not to be confused with
3679:Industrial organization
3509:Computational economics
3404:Encyclopedia Britannica
3044:National Audit Office,
2626:utility theory of value
2552:Critics of traditional
2465:utility theory of value
2455:(to later develop into
2236:(Labor Theory of Value)
2115:willing and able to pay
1485:Industrial organization
1342:Computational economics
932:Criticism of capitalism
3884:Modern monetary theory
3549:Experimental economics
3519:Pluralism in economics
3504:Mathematical economics
3309:BusinessDictionary.com
3006:. Politicaleconomy.org
2763:Labour theory of value
2731:in determining price.
2712:William Stanley Jevons
2634:labour theory of value
2630:neoclassical economics
2618:labour theory of value
2436:
2217:neoclassical economics
1337:Experimental economics
962:Exploitation of labour
673:Primitive accumulation
154:by rewriting it in an
65:"Value" economics
3144:Milios, John (2003).
2725:diamond–water paradox
2642:power theory of value
2595:Power theory of value
2511:labor theory of value
2495:Labor theory of value
2489:Labor theory of value
2475:diamond–water paradox
2470:The Wealth of Nations
2449:labor theory of value
2434:
2381:National Audit Office
2366:allocative efficiency
2310:labor theory of value
2284:labor theory of price
1140:Capitalism portal
952:Culture of capitalism
907:Capitalist propaganda
663:Industrial Revolution
653:Commercial Revolution
3758:Social choice theory
3514:Behavioral economics
3092:(1916, trsl. 1929),
3079:. London: Routledge.
2276:prices of production
2255:) of value, in his
1564:Social choice theory
1115:Right-libertarianism
1045:Classical liberalism
1012:Venture philanthropy
648:Capitalism and Islam
643:Age of Enlightenment
238:Capital accumulation
50:improve this article
3842:American (National)
3542:Economic statistics
3075:Hunt, E.K. (2015).
2972:Debunking Economics
2960:. p. 7-1, 7-2.
2659:profit maximization
2507:classical economics
2418:philosophical value
2341:Economists such as
2304:it embodies), and "
2278:". It is part of a
2262:In this tradition,
2232:classical economics
2176:Value is linked to
2031:Business portal
1352:Operations research
1332:National accounting
1152:Business portal
268:Economic liberalism
258:Competitive markets
3281:"Marginal Utility"
2955:"Consumer Surplus"
2927:, endorsed by the
2437:
2360:Connected concepts
2128:Economic value is
1362:Industrial complex
1357:Middle income trap
912:Capitalist realism
303:Goods and services
283:Fictitious capital
156:encyclopedic style
143:is written like a
4528:Political economy
4515:
4514:
4046:New institutional
3110:Junankar, P. N.,
2893:Library resources
2828:Value (marketing)
2729:supply and demand
2705:opportunity costs
2638:Marxian economics
2583:implementing the
2558:Neue Marx-LektĂĽre
2554:Marxian economics
2413:, is also added.
2170:value in exchange
2123:theories of value
2079:
2078:
1188:
1187:
1007:Spontaneous order
977:History of theory
620:New institutional
590:Market monetarism
525:Economic theories
358:Supply and demand
293:Free price system
184:
183:
176:
126:
125:
118:
100:
4540:
3719:Natural resource
3554:Economic history
3492:Mechanism design
3444:
3437:
3430:
3421:
3420:
3414:
3413:
3411:
3410:
3396:
3387:
3386:
3350:
3344:
3343:
3341:
3340:
3325:
3319:
3318:
3316:
3315:
3301:
3295:
3294:
3292:
3291:
3276:
3270:
3269:
3267:
3266:
3251:
3245:
3244:
3242:
3240:
3230:
3224:
3217:Shimshon Bichler
3210:
3204:
3197:Shimshon Bichler
3190:
3184:
3174:
3168:
3167:
3165:
3164:
3150:
3141:
3135:
3112:Marx's economics
3108:
3102:
3087:
3081:
3080:
3072:
3066:
3055:
3049:
3042:
3033:
3032:
3027:. Archived from
3021:
3015:
3014:
3012:
3011:
2996:
2990:
2968:
2962:
2961:
2959:
2951:
2945:
2938:
2932:
2921:
2882:
2874:
2793:Paradox of value
2751:
2746:
2745:
2697:marginal utility
2689:marginal utility
2610:Shimshon Bichler
2562:Michael Heinrich
2426:science of value
2420:, as defined in
2343:Ludwig von Mises
2253:Michael Heinrich
2146:consumer surplus
2071:
2064:
2057:
2043:Money portal
2041:
2040:
2039:
2029:
2028:
1525:Natural resource
1317:Economic systems
1213:
1190:
1189:
1180:
1173:
1166:
1150:
1149:
1138:
1137:
942:Critique of work
917:Capitalist state
600:Critique of work
483:Regulated market
385:Economic systems
338:Private property
288:Financial market
278:Entrepreneurship
273:Economic surplus
186:
185:
179:
172:
168:
165:
159:
136:
135:
128:
121:
114:
110:
107:
101:
99:
58:
34:
26:
4548:
4547:
4543:
4542:
4541:
4539:
4538:
4537:
4518:
4517:
4516:
4511:
4508:Business portal
4475:
4474:
4473:
4433:
4197:von Böhm-Bawerk
4085:
4084:
4075:
3847:Ancient thought
3825:
3824:
3818:
3809:
3808:
3807:
3558:
3523:
3487:Contract theory
3472:Decision theory
3453:
3448:
3418:
3417:
3408:
3406:
3398:
3397:
3390:
3351:
3347:
3338:
3336:
3326:
3322:
3313:
3311:
3303:
3302:
3298:
3289:
3287:
3277:
3273:
3264:
3262:
3252:
3248:
3238:
3236:
3232:
3231:
3227:
3213:Jonathan Nitzan
3211:
3207:
3193:Jonathan Nitzan
3191:
3187:
3175:
3171:
3162:
3160:
3148:
3142:
3138:
3109:
3105:
3088:
3084:
3073:
3069:
3056:
3052:
3043:
3036:
3023:
3022:
3018:
3009:
3007:
2998:
2997:
2993:
2969:
2965:
2957:
2953:
2952:
2948:
2939:
2935:
2922:
2918:
2913:
2912:
2911:
2901:
2900:
2896:
2889:
2847:
2845:Further reading
2842:
2747:
2740:
2737:
2681:
2673:Main articles:
2671:
2624:. Instead of a
2622:abstract labour
2606:Jonathan Nitzan
2597:
2550:
2544:
2503:
2497:
2491:
2442:
2403:spending wisely
2362:
2314:relative prices
2242:is recognized,
2213:
2205:theory of value
2158:good or service
2154:
2103:value for money
2075:
2037:
2035:
2023:
2016:
2015:
1986:
1976:
1975:
1974:
1973:
1737:von Böhm-Bawerk
1625:
1614:
1613:
1375:
1367:
1366:
1322:Economic growth
1312:
1304:
1303:
1245:
1243:classifications
1184:
1144:
1132:
1125:
1124:
1030:
1022:
1021:
997:Post-capitalism
902:Anti-capitalism
897:
889:
888:
784:
776:
775:
696:
688:
687:
638:
630:
629:
526:
518:
517:
508:State-sponsored
386:
378:
377:
243:Capital markets
208:
180:
169:
163:
160:
152:help improve it
149:
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122:
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105:
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59:
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24:
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11:
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3987:
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3973:
3968:
3953:
3948:
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3938:
3933:
3928:
3923:
3918:
3913:
3911:Disequilibrium
3908:
3903:
3898:
3893:
3888:
3887:
3886:
3876:
3871:
3866:
3861:
3860:
3859:
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3780:
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3760:
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3736:
3731:
3726:
3724:Organizational
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3696:
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3516:
3511:
3506:
3501:
3499:Macroeconomics
3496:
3495:
3494:
3489:
3484:
3479:
3474:
3467:Microeconomics
3463:
3461:
3455:
3454:
3447:
3446:
3439:
3432:
3424:
3416:
3415:
3388:
3367:10.1086/256962
3345:
3320:
3296:
3271:
3246:
3225:
3205:
3185:
3169:
3136:
3103:
3082:
3067:
3050:
3034:
3031:on 2017-12-10.
3016:
2991:
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2902:
2891:
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2863:
2846:
2843:
2841:
2840:
2835:
2830:
2825:
2820:
2815:
2810:
2805:
2803:Store of value
2800:
2795:
2790:
2785:
2780:
2775:
2770:
2765:
2760:
2754:
2753:
2752:
2736:
2733:
2670:
2667:
2655:Capitalization
2620:on quantified
2596:
2593:
2564:, emphasize a
2543:
2540:
2493:Main article:
2490:
2487:
2457:exchange value
2441:
2438:
2435:Value or price
2407:
2406:
2399:
2392:
2361:
2358:
2331:Unto This Last
2306:exchange value
2244:economic value
2240:exchange value
2212:
2209:
2153:
2150:
2099:economic agent
2087:economic value
2077:
2076:
2074:
2073:
2066:
2059:
2051:
2048:
2047:
2046:
2045:
2033:
2018:
2017:
2014:
2013:
2008:
1998:
1993:
1987:
1982:
1981:
1978:
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1971:
1964:
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1934:
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1611:
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1591:
1586:
1581:
1576:
1571:
1566:
1557:
1552:
1547:
1542:
1537:
1532:
1530:Organizational
1527:
1522:
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1512:
1507:
1502:
1497:
1492:
1487:
1482:
1477:
1472:
1467:
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1437:
1432:
1427:
1422:
1417:
1412:
1407:
1402:
1397:
1392:
1387:
1382:
1376:
1374:By application
1373:
1372:
1369:
1368:
1365:
1364:
1359:
1354:
1349:
1344:
1339:
1334:
1329:
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1186:
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1156:
1155:
1154:
1142:
1127:
1126:
1123:
1122:
1117:
1112:
1107:
1105:Ordoliberalism
1102:
1097:
1092:
1087:
1082:
1077:
1072:
1067:
1062:
1057:
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1047:
1042:
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1024:
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1019:
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1009:
1004:
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994:
989:
984:
982:Market economy
979:
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969:
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959:
954:
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939:
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919:
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896:Related topics
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766:State monopoly
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323:Liberalization
320:
315:
313:Invisible hand
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280:
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228:Businessperson
225:
223:Business cycle
220:
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2:
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4125:
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4120:
4118:
4115:
4113:
4110:
4108:
4105:
4103:
4100:
4098:
4095:
4093:
4092:de Mandeville
4090:
4089:
4087:
4083:
4078:
4072:
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4064:
4062:
4059:
4057:
4054:
4052:
4049:
4047:
4044:
4040:
4037:
4036:
4035:
4034:New classical
4032:
4028:
4025:
4024:
4023:
4020:
4018:
4015:
4013:
4010:
4006:
4003:
4002:
4001:
3998:
3996:
3993:
3991:
3990:Malthusianism
3988:
3982:
3979:
3978:
3977:
3974:
3972:
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3966:
3962:
3959:
3958:
3957:
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3951:Institutional
3949:
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3827:
3822:
3817:
3812:
3804:
3801:
3799:
3796:
3794:
3791:
3789:
3786:
3784:
3781:
3779:
3776:
3774:
3771:
3769:
3766:
3764:
3761:
3759:
3755:
3754:Public choice
3752:
3750:
3747:
3745:
3742:
3740:
3737:
3735:
3732:
3730:
3729:Participation
3727:
3725:
3722:
3720:
3717:
3715:
3712:
3710:
3707:
3705:
3702:
3700:
3697:
3695:
3692:
3690:
3689:Institutional
3687:
3685:
3682:
3680:
3677:
3675:
3672:
3670:
3667:
3665:
3662:
3660:
3657:
3655:
3652:
3650:
3647:
3645:
3642:
3640:
3639:Expeditionary
3637:
3635:
3632:
3630:
3629:Environmental
3627:
3625:
3622:
3620:
3617:
3615:
3612:
3610:
3607:
3605:
3602:
3600:
3597:
3595:
3592:
3590:
3587:
3585:
3582:
3580:
3577:
3575:
3572:
3571:
3567:
3565:
3561:
3555:
3552:
3550:
3547:
3543:
3540:
3539:
3538:
3535:
3534:
3532:
3530:
3526:
3520:
3517:
3515:
3512:
3510:
3507:
3505:
3502:
3500:
3497:
3493:
3490:
3488:
3485:
3483:
3480:
3478:
3475:
3473:
3470:
3469:
3468:
3465:
3464:
3462:
3460:
3456:
3452:
3445:
3440:
3438:
3433:
3431:
3426:
3425:
3422:
3405:
3401:
3395:
3393:
3384:
3380:
3376:
3372:
3368:
3364:
3361:(4): 307–27.
3360:
3356:
3349:
3335:
3331:
3330:"Marginalism"
3324:
3310:
3306:
3300:
3286:
3282:
3275:
3261:
3257:
3250:
3235:
3229:
3222:
3218:
3214:
3209:
3202:
3198:
3194:
3189:
3182:
3178:
3173:
3158:
3154:
3147:
3140:
3133:
3132:0-521-26086-8
3129:
3125:
3121:
3120:0-86003-125-X
3117:
3113:
3107:
3101:
3097:
3096:
3091:
3090:Silvio Gesell
3086:
3078:
3071:
3064:
3060:
3057:Jackson, P.,
3054:
3047:
3041:
3039:
3030:
3026:
3020:
3005:
3003:
2995:
2989:
2985:
2981:
2980:1-86403-070-4
2977:
2973:
2967:
2956:
2950:
2943:
2937:
2930:
2926:
2920:
2916:
2908:
2905:
2904:
2899:
2894:
2880:
2879:
2873:
2868:
2867:Gilman, D. C.
2864:
2862:(4): 414–433.
2861:
2857:
2853:
2849:
2848:
2839:
2838:Value network
2836:
2834:
2831:
2829:
2826:
2824:
2821:
2819:
2816:
2814:
2811:
2809:
2806:
2804:
2801:
2799:
2796:
2794:
2791:
2789:
2786:
2784:
2781:
2779:
2776:
2774:
2771:
2769:
2766:
2764:
2761:
2759:
2758:Asset pricing
2756:
2755:
2750:
2744:
2739:
2732:
2730:
2726:
2721:
2717:
2713:
2708:
2706:
2702:
2698:
2694:
2690:
2686:
2680:
2676:
2666:
2664:
2660:
2656:
2652:
2650:
2645:
2643:
2639:
2636:(as found in
2635:
2631:
2627:
2623:
2619:
2615:
2614:utility value
2611:
2607:
2604:
2601:
2592:
2590:
2586:
2582:
2578:
2574:
2569:
2567:
2563:
2559:
2555:
2549:
2539:
2535:
2533:
2529:
2528:David Ricardo
2525:
2521:
2516:
2512:
2508:
2502:
2496:
2486:
2483:
2482:Silvio Gesell
2479:
2476:
2473:. The famous
2472:
2471:
2466:
2461:
2458:
2454:
2450:
2446:
2433:
2429:
2427:
2423:
2419:
2414:
2412:
2404:
2400:
2397:
2396:spending well
2393:
2390:
2389:spending less
2386:
2385:
2384:
2382:
2378:
2377:effectiveness
2374:
2369:
2367:
2357:
2355:
2351:
2350:Silvio Gesell
2347:
2344:
2339:
2337:
2333:
2332:
2327:
2322:
2319:
2315:
2311:
2307:
2303:
2299:
2294:
2292:
2287:
2285:
2281:
2277:
2273:
2269:
2268:David Ricardo
2265:
2260:
2258:
2254:
2250:
2245:
2241:
2237:
2233:
2228:
2226:
2222:
2218:
2208:
2206:
2202:
2196:
2194:
2189:
2187:
2183:
2179:
2174:
2173:
2171:
2166:
2165:
2159:
2149:
2147:
2143:
2139:
2135:
2131:
2126:
2124:
2119:
2116:
2112:
2108:
2104:
2100:
2096:
2092:
2088:
2084:
2072:
2067:
2065:
2060:
2058:
2053:
2052:
2050:
2049:
2044:
2034:
2032:
2027:
2022:
2021:
2020:
2019:
2012:
2009:
2006:
2002:
1999:
1997:
1994:
1992:
1989:
1988:
1985:
1980:
1979:
1970:
1969:
1965:
1963:
1960:
1958:
1955:
1953:
1950:
1948:
1945:
1943:
1940:
1938:
1935:
1933:
1930:
1928:
1925:
1923:
1920:
1918:
1915:
1913:
1910:
1908:
1905:
1903:
1900:
1898:
1895:
1893:
1890:
1888:
1885:
1883:
1880:
1878:
1875:
1873:
1870:
1868:
1865:
1863:
1860:
1858:
1855:
1853:
1850:
1848:
1845:
1843:
1840:
1838:
1835:
1833:
1830:
1828:
1825:
1823:
1820:
1818:
1815:
1813:
1810:
1808:
1805:
1803:
1800:
1798:
1795:
1793:
1790:
1788:
1785:
1783:
1780:
1778:
1775:
1773:
1770:
1768:
1765:
1763:
1760:
1758:
1755:
1753:
1750:
1748:
1745:
1743:
1740:
1738:
1735:
1733:
1730:
1728:
1725:
1723:
1720:
1718:
1715:
1713:
1710:
1708:
1705:
1703:
1700:
1698:
1695:
1693:
1690:
1688:
1685:
1683:
1680:
1678:
1675:
1673:
1670:
1668:
1665:
1663:
1660:
1658:
1655:
1653:
1650:
1648:
1645:
1643:
1640:
1638:
1635:
1633:
1632:de Mandeville
1630:
1629:
1624:
1618:
1617:
1610:
1607:
1605:
1602:
1600:
1597:
1595:
1592:
1590:
1587:
1585:
1582:
1580:
1577:
1575:
1572:
1570:
1567:
1565:
1561:
1560:Public choice
1558:
1556:
1553:
1551:
1548:
1546:
1543:
1541:
1538:
1536:
1535:Participation
1533:
1531:
1528:
1526:
1523:
1521:
1518:
1516:
1513:
1511:
1508:
1506:
1503:
1501:
1498:
1496:
1495:Institutional
1493:
1491:
1488:
1486:
1483:
1481:
1478:
1476:
1473:
1471:
1468:
1466:
1463:
1461:
1458:
1456:
1453:
1451:
1448:
1446:
1445:Expeditionary
1443:
1441:
1438:
1436:
1435:Environmental
1433:
1431:
1428:
1426:
1423:
1421:
1418:
1416:
1413:
1411:
1408:
1406:
1403:
1401:
1398:
1396:
1393:
1391:
1388:
1386:
1383:
1381:
1378:
1377:
1371:
1370:
1363:
1360:
1358:
1355:
1353:
1350:
1348:
1345:
1343:
1340:
1338:
1335:
1333:
1330:
1328:
1325:
1323:
1320:
1318:
1315:
1314:
1308:
1307:
1300:
1297:
1295:
1292:
1290:
1287:
1285:
1282:
1280:
1277:
1275:
1271:
1268:
1266:
1265:International
1263:
1261:
1258:
1256:
1253:
1251:
1248:
1247:
1244:
1241:Branches and
1238:
1237:
1232:
1229:
1227:
1224:
1222:
1219:
1218:
1217:
1216:
1212:
1208:
1207:
1204:
1201:
1200:
1196:
1192:
1191:
1181:
1176:
1174:
1169:
1167:
1162:
1161:
1159:
1158:
1153:
1148:
1143:
1141:
1136:
1131:
1130:
1129:
1128:
1121:
1118:
1116:
1113:
1111:
1108:
1106:
1103:
1101:
1098:
1096:
1095:Neoliberalism
1093:
1091:
1088:
1086:
1083:
1081:
1078:
1076:
1073:
1071:
1068:
1066:
1063:
1061:
1058:
1056:
1053:
1051:
1048:
1046:
1043:
1041:
1040:Authoritarian
1038:
1036:
1033:
1032:
1026:
1025:
1018:
1015:
1013:
1010:
1008:
1005:
1003:
1000:
998:
995:
993:
990:
988:
985:
983:
980:
978:
975:
973:
970:
968:
967:Globalization
965:
963:
960:
958:
955:
953:
950:
948:
945:
943:
940:
938:
935:
933:
930:
928:
927:Crisis theory
925:
923:
920:
918:
915:
913:
910:
908:
905:
903:
900:
899:
893:
892:
885:
882:
880:
877:
875:
872:
870:
867:
865:
862:
860:
857:
855:
852:
850:
847:
845:
842:
840:
837:
835:
832:
830:
827:
825:
822:
820:
817:
815:
812:
810:
807:
805:
802:
800:
797:
795:
792:
790:
787:
786:
783:Intellectuals
780:
779:
772:
771:Technological
769:
767:
764:
762:
759:
757:
754:
752:
749:
747:
744:
742:
739:
737:
734:
732:
729:
727:
724:
722:
719:
717:
714:
712:
709:
707:
704:
702:
699:
698:
692:
691:
684:
681:
679:
676:
674:
671:
669:
666:
664:
661:
659:
656:
654:
651:
649:
646:
644:
641:
640:
634:
633:
626:
623:
621:
618:
616:
613:
611:
608:
606:
603:
601:
598:
596:
593:
591:
588:
584:
581:
579:
576:
574:
571:
570:
569:
566:
564:
563:Institutional
561:
559:
556:
554:
551:
547:
544:
543:
542:
539:
537:
534:
532:
529:
528:
522:
521:
514:
511:
509:
506:
504:
501:
499:
496:
494:
491:
489:
486:
484:
481:
479:
476:
474:
471:
469:
466:
464:
461:
459:
456:
454:
451:
449:
446:
444:
441:
439:
436:
434:
431:
429:
426:
424:
423:
422:Laissez-faire
419:
417:
414:
412:
409:
407:
404:
402:
399:
397:
396:Authoritarian
394:
392:
389:
388:
382:
381:
374:
371:
369:
366:
364:
363:Surplus value
361:
359:
356:
354:
351:
349:
346:
344:
343:Privatization
341:
339:
336:
334:
331:
329:
326:
324:
321:
319:
316:
314:
311:
309:
306:
304:
301:
299:
296:
294:
291:
289:
286:
284:
281:
279:
276:
274:
271:
269:
266:
264:
261:
259:
256:
254:
251:
249:
246:
244:
241:
239:
236:
234:
231:
229:
226:
224:
221:
219:
216:
214:
211:
210:
204:
203:
200:
197:
196:
192:
188:
187:
178:
175:
167:
157:
153:
147:
146:
141:This article
139:
130:
129:
120:
117:
109:
106:December 2016
98:
95:
91:
88:
84:
81:
77:
74:
70:
67: –
66:
62:
61:Find sources:
55:
51:
45:
44:
39:This article
37:
33:
28:
27:
22:
4503:Publications
4459:Publications
4426:
4022:Neoclassical
4012:Mercantilism
3921:Evolutionary
3783:Sociological
3756: /
3654:Geographical
3634:Evolutionary
3609:Digitization
3574:Agricultural
3537:Econometrics
3477:Price theory
3407:. Retrieved
3403:
3358:
3354:
3348:
3337:. Retrieved
3334:Investopedia
3333:
3323:
3312:. Retrieved
3308:
3299:
3288:. Retrieved
3285:Investopedia
3284:
3274:
3263:. Retrieved
3260:Investopedia
3259:
3249:
3237:. Retrieved
3228:
3220:
3208:
3200:
3188:
3172:
3161:. Retrieved
3152:
3139:
3111:
3106:
3093:
3085:
3076:
3070:
3053:
3029:the original
3019:
3008:. Retrieved
3004:, Chapter 8"
3001:
2994:
2971:
2970:Steve Keen,
2966:
2949:
2936:
2919:
2897:
2876:
2859:
2855:
2778:Market price
2768:Law of value
2709:
2682:
2653:
2646:
2641:
2598:
2570:
2565:
2551:
2536:
2504:
2480:
2468:
2462:
2443:
2415:
2408:
2402:
2395:
2388:
2370:
2363:
2354:value theory
2348:
2340:
2329:
2323:
2295:
2291:Henry George
2288:
2261:
2243:
2229:
2214:
2211:Explanations
2200:
2197:
2193:market value
2190:
2175:
2168:
2164:value in use
2162:
2155:
2138:market value
2134:market price
2132:the same as
2129:
2127:
2120:
2113:a person is
2102:
2086:
2080:
2001:Publications
1966:
1589:Sociological
1562: /
1460:Geographical
1440:Evolutionary
1415:Digitization
1380:Agricultural
1284:Mathematical
1255:Econometrics
1017:Wage slavery
957:Evergreening
668:Mercantilism
615:Neoclassical
443:Mercantilist
420:
367:
353:Rent seeking
318:Visible hand
170:
161:
142:
112:
103:
93:
86:
79:
72:
60:
48:Please help
43:verification
40:
21:Market value
4297:von Neumann
4066:Supply-side
4051:Physiocracy
3995:Marginalism
3684:Information
3624:Engineering
3604:Development
3599:Demographic
3482:Game theory
3459:Theoretical
3177:John Milios
3159:. p. 9
2720:Carl Menger
2716:LĂ©on Walras
2693:Marginalism
2679:Marginalism
2589:labor power
2326:John Ruskin
1837:von Neumann
1490:Information
1430:Engineering
1410:Development
1405:Demographic
1347:Game theory
1289:Methodology
1100:Objectivism
1085:Libertarian
1002:Speculation
922:Consumerism
756:Progressive
695:Development
678:Physiocracy
625:Supply-side
433:Libertarian
411:Free-market
391:Anglo-Saxon
373:Wage labour
328:Marginalism
298:Free market
253:Corporation
4522:Categories
4454:Economists
4327:Schumacher
4232:Schumpeter
4202:von Wieser
4122:von ThĂĽnen
4082:Economists
3981:Circuitism
3946:Humanistic
3941:Historical
3916:Ecological
3906:Democratic
3879:Chartalism
3869:Behavioral
3832:Mainstream
3793:Statistics
3788:Solidarity
3709:Managerial
3674:Humanistic
3669:Historical
3614:Ecological
3579:Behavioral
3409:2017-03-02
3339:2017-03-02
3314:2017-03-02
3290:2017-03-02
3265:2017-03-02
3239:1 February
3163:2015-01-12
3155:. Ankara:
3065:, May 2012
3010:2012-04-17
2940:BBC News,
2887:References
2833:Value form
2649:capitalism
2585:capitalist
2573:production
2548:Value-form
2546:See also:
2499:See also:
2460:the time.
2445:Adam Smith
2424:or in the
2373:efficiency
2272:Adam Smith
2264:Steve Keen
1996:Economists
1867:Schumacher
1772:Schumpeter
1742:von Wieser
1662:von ThĂĽnen
1623:economists
1599:Statistics
1594:Solidarity
1515:Managerial
1480:Humanistic
1475:Historical
1420:Ecological
1385:Behavioral
1279:Mainstream
1080:Liberalism
1065:Humanistic
1050:Democratic
1029:Ideologies
864:Schumpeter
610:Monetarist
541:Chartalism
488:Regulatory
463:Neoliberal
416:Humanistic
199:Capitalism
164:March 2024
76:newspapers
4372:Greenspan
4337:Samuelson
4317:Galbraith
4287:Tinbergen
4227:von Mises
4222:Heckscher
4182:Edgeworth
4061:Stockholm
4056:Socialist
3956:Keynesian
3936:Happiness
3896:Classical
3857:Mutualism
3852:Anarchist
3837:Heterodox
3734:Personnel
3694:Knowledge
3659:Happiness
3649:Financial
3619:Education
3594:Democracy
3529:Empirical
3451:Economics
3383:153732595
2818:Use value
2575:into its
2532:Karl Marx
2520:commodity
2371:Economy,
2324:In 1860,
2298:use-value
2249:Karl Marx
2238:. Though
2083:economics
1912:Greenspan
1877:Samuelson
1857:Galbraith
1827:Tinbergen
1767:von Mises
1762:Heckscher
1722:Edgeworth
1540:Personnel
1500:Knowledge
1465:Happiness
1455:Financial
1425:Education
1400:Democracy
1294:Political
1260:Heterodox
1203:Economics
1120:Third Way
1110:Privatism
1070:Inclusive
1055:Dirigisme
849:von Mises
736:Illiberal
716:Corporate
711:Community
658:Feudalism
568:Keynesian
558:Classical
401:Corporate
213:Austerity
4483:Category
4463:journals
4449:Glossary
4402:Stiglitz
4367:Rothbard
4347:Buchanan
4332:Friedman
4322:Koopmans
4312:Leontief
4292:Robinson
4177:Marshall
4027:Lausanne
3931:Georgism
3926:Feminist
3874:Buddhist
3864:Austrian
3763:Regional
3739:Planning
3714:Monetary
3644:Feminist
3589:Cultural
3584:Business
3126:, 1993,
2988:45804669
2735:See also
2440:Theories
2201:given up
2182:exchange
2152:Overview
2142:consumer
2107:currency
2005:journals
1991:Glossary
1942:Stiglitz
1907:Rothbard
1887:Buchanan
1872:Friedman
1862:Koopmans
1852:Leontief
1832:Robinson
1717:Marshall
1621:Notable
1569:Regional
1545:Planning
1520:Monetary
1450:Feminist
1395:Cultural
1390:Business
1195:a series
1193:Part of
947:Cronyism
859:Rothbard
834:Marshall
819:Friedman
751:Merchant
706:Consumer
701:Advanced
536:Austrian
531:American
458:National
453:Monopoly
406:Dirigist
308:Investor
218:Business
207:Concepts
191:a series
189:Part of
4498:Outline
4469:Schools
4461: (
4422:Piketty
4417:Krugman
4282:Kuznets
4272:Kalecki
4247:Polanyi
4137:Cournot
4132:Bastiat
4117:Ricardo
4107:Malthus
4097:Quesnay
4000:Marxian
3891:Chicago
3821:history
3816:Schools
3803:Welfare
3773:Service
3564:Applied
3375:1828885
2823:Utility
2632:) or a
2600:Radical
2581:capital
2524:capital
2352:denied
2140:. If a
2095:service
2011:Schools
2003: (
1962:Piketty
1957:Krugman
1822:Kuznets
1812:Kalecki
1787:Polanyi
1677:Cournot
1672:Bastiat
1657:Ricardo
1647:Malthus
1637:Quesnay
1609:Welfare
1579:Service
1250:Applied
1226:Outline
1221:History
1075:Liberal
1035:Anarcho
972:History
804:Malthus
799:Ricardo
761:Rentier
746:Marxist
726:Finance
637:Origins
605:Marxist
553:Chicago
513:Welfare
473:Private
428:Liberal
248:Company
233:Capital
150:Please
90:scholar
4407:Thaler
4387:Ostrom
4382:Becker
4377:Sowell
4357:Baumol
4262:Myrdal
4257:Sraffa
4252:Frisch
4242:Knight
4237:Keynes
4212:Fisher
4207:Veblen
4192:Pareto
4172:Menger
4167:George
4162:Jevons
4157:Walras
4147:Gossen
4071:Thermo
3749:Public
3744:Policy
3699:Labour
3664:Health
3381:
3373:
3130:
3118:
2986:
2978:
2895:about
2718:, and
2703:, and
2628:(like
2577:M-C-M'
2509:, the
2411:equity
2336:Gandhi
2318:Others
2221:supply
2101:, and
2097:to an
1947:Thaler
1927:Ostrom
1922:Becker
1917:Sowell
1897:Baumol
1802:Myrdal
1797:Sraffa
1792:Frisch
1782:Knight
1777:Keynes
1752:Fisher
1747:Veblen
1732:Pareto
1712:Menger
1707:George
1702:Jevons
1697:Walras
1687:Gossen
1555:Public
1550:Policy
1505:Labour
1470:Health
1327:Market
874:Weaver
869:Veblen
844:Walras
839:Pareto
829:Keynes
731:Global
498:Social
468:Nordic
438:Market
348:Profit
92:
85:
78:
71:
63:
4493:Lists
4488:Index
4439:Lists
4412:Hoppe
4397:Lucas
4362:Solow
4352:Arrow
4342:Simon
4307:Lange
4302:Hicks
4277:Röpke
4267:Hayek
4217:Pigou
4187:Clark
4102:Smith
4017:Mixed
3976:Post-
3798:Urban
3778:Socio
3768:Rural
3379:S2CID
3371:JSTOR
3149:(PDF)
2958:(PDF)
2898:Value
2398:; and
2223:in a
2186:buyer
2178:price
2111:money
1984:Lists
1952:Hoppe
1937:Lucas
1902:Solow
1892:Arrow
1882:Simon
1847:Lange
1842:Hicks
1817:Röpke
1807:Hayek
1757:Pigou
1727:Clark
1642:Smith
1604:Urban
1584:Socio
1574:Rural
1274:Macro
1270:Micro
1231:Index
884:Coase
879:Weber
824:Hayek
789:Smith
721:Crony
583:Post-
503:State
493:Rhine
448:Mixed
368:Value
333:Money
97:JSTOR
83:books
4428:more
4152:Marx
4142:Mill
4127:List
4005:Neo-
3961:Neo-
3241:2014
3215:and
3195:and
3157:METU
3128:ISBN
3116:ISBN
3063:OECD
2984:OCLC
2976:ISBN
2683:The
2677:and
2608:and
2530:and
2463:The
2375:and
2167:and
2091:good
1968:more
1692:Marx
1682:Mill
1667:List
854:Rand
814:Marx
794:Mill
741:Late
573:Neo-
69:news
4392:Sen
4112:Say
3971:New
3704:Law
3363:doi
2854:".
2647:In
2505:In
2230:In
2215:In
2130:not
2093:or
2081:In
1932:Sen
1652:Say
1510:Law
1090:Neo
1060:Eco
809:Say
578:New
546:MMT
478:Raw
52:by
4524::
3402:.
3391:^
3377:.
3369:.
3359:58
3357:.
3332:.
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3061:,
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