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On some ‘Austrian’ misreadings of Cantillon's notions of intrinsic value and market price

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  • Matteo Menegatti

Abstract

The article clarifies some aspects of the Cantillonian notions of intrinsic value and of market prices. Furthermore, the major flaws of the ‘Austrian’ interpretations put forward in recent years by Rothbard and Thornton are highlighted. This criticism provides an additional dimension to the view already expressed by Groenewegen against the new edition of Cantillon's Essai by Thornton. Finally, the connection between the Essai and mature classical economics is highlighted and the proposed ‘Austrian’ interpretation of Cantillon is strongly rejected.

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  • Matteo Menegatti, 2016. "On some ‘Austrian’ misreadings of Cantillon's notions of intrinsic value and market price," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 23(2), pages 173-197, April.
    • Handle: RePEc:taf:eujhet:v:23:y:2016:i:2:p:173-197
    DOI: 10.1080/09672567.2014.881900
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    1. Murray N. Rothbard, 1995. "Economic Thought Before Adam Smith," Books, Edward Elgar Publishing, number 377.
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