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Value and exchange: Two windows for economic theorizing

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  • Richard Wagner

Abstract

This essay introduces a symposium on value and exchange as alternative organizing concepts for the pursuit of economic theorizing. These concepts pertain to two distinct conceptual windows through which economic phenomena can be examined. The immediate inspiration for this symposium was the articulation of Kohn (2004) of the distinction, a distinction that, in turn, was central to the articulation of Buchanan (1964). Furthermore, this distinction is central to the divergent orientations toward economic theorizing that were set forth in the early 1870s by Carl Menger (1971) and Léon Walras (1874). Copyright Springer Science+Business Media, LLC 2007

Suggested Citation

  • Richard Wagner, 2007. "Value and exchange: Two windows for economic theorizing," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 20(2), pages 97-103, September.
    • Handle: RePEc:kap:revaec:v:20:y:2007:i:2:p:97-103
    DOI: 10.1007/s11138-007-0016-2
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    References listed on IDEAS

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    1. Meir Kohn, 2004. "Value and Exchange," Cato Journal, Cato Journal, Cato Institute, vol. 24(3), pages 303-339, Fall.
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    Cited by:

    1. Dwight R. Lee & JR. Clark, 2014. "A Presidential Tribute to James M. Buchanan: In Appreciation of the Man, His Work, and His Example," Southern Economic Journal, John Wiley & Sons, vol. 80(4), pages 905-911, April.
    2. Christopher J. Coyne, 2010. "Economics as the Study of Coordination and Exchange," Chapters, in: Peter J. Boettke (ed.), Handbook on Contemporary Austrian Economics, chapter 2, Edward Elgar Publishing.
    3. Santiago J. Gangotena, 2017. "Dynamic coordinating non-equilibrium," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 30(1), pages 51-82, March.
    4. Peter J. Boettke & Rosolino A. Candela, 2023. "Monitoring, metering and Menger: A conciliatory basis for a genuine institutional economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 36(2), pages 183-203, June.
    5. Roger Koppl, 2014. "Introduction to “Entangled Political Economy”," Advances in Austrian Economics, in: Entangled Political Economy, volume 18, pages 1-13, Emerald Group Publishing Limited.
    6. Geoffrey Lea & Adam Martin, 2014. "From Vienna to Virginia: Exchange, rules, and social cooperation an introduction to the symposium," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(1), pages 1-9, March.
    7. Marta Podemska-Mikluch, 2014. "Public Policy: Object of Choice or Emergent Phenomena? Learning from the Implementation of the Medical Reimbursement Act in Poland," Advances in Austrian Economics, in: Entangled Political Economy, volume 18, pages 93-110, Emerald Group Publishing Limited.
    8. Richard E. Wagner, 2015. "Welfare Economics and Second-Best Theory: Filling Imaginary Economic Boxes," Cato Journal, Cato Journal, Cato Institute, vol. 35(1), pages 133-146, Winter.

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    More about this item

    Keywords

    Open vs closed analytical concepts; Process vs structure; Mengerian vs Walrasian; B4; B5;
    All these keywords.

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches

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