The Classical Economists’ Theory of Value Was More Sophisticated than You Think

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Tags: History of the Austrian School of Economics, Prices, Value and Exchange

08/23/2024 Robert P. Murphy

Bob quotes from David Ricardo to show that the classical economists understood that utility was essential to explaining market value, but then he also explains why the Marginalist Revolution was a scientific advancement.

Bob’s Journal of Libertarian Studies Article on The Labor Theory of Value: Mises.org/HAP462a
Human Action Podcast Episode 460, “What Does Say’s Law Really Say?”: Mises.org/HAP462b
David Ricardo, On the Principles of Political Economy and Taxation: Mises.org/HAP462c

For the next two weeks only, get a FREE copy of Dr. Per Bylund’s How to Think About the Economy: Mises.org/HAPodFree

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