IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-1-349-01874-1_5.html
   My bibliography  Save this book chapter

Market Structures and the Theory of Value in Classical Economics

In: Studies in the History of Economic Theory before 1870

Author

Listed:
  • Marian Bowley

    (University of London)

Abstract

The first systematic attempt to define the conditions under which the cost of production theory of value was valid appeared in 1825 in Samuel Bailey’s Critical Dissertation on the Nature, Measure and Causes of Value. Bailey understood by the cost of production theory of value that, apart from temporary fluctuations, goods exchanged in proportion to their costs of production and that the latter were in no way affected by the demands for the goods or expressed in terms of prices — the natural price of a good was determined by its cost of production which was in no way affected by the demand for the good. (It will be convenient to call this version the pure cost of production theory to distinguish it from others whenever the context does not make it obvious.) Bailey’s investigations led him into problems of market structures and supply functions with which both Adam Smith and Ricardo had been concerned.

Suggested Citation

  • Marian Bowley, 1973. "Market Structures and the Theory of Value in Classical Economics," Palgrave Macmillan Books, in: Studies in the History of Economic Theory before 1870, chapter 0, pages 158-176, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-01874-1_5
    DOI: 10.1007/978-1-349-01874-1_5
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-1-349-01874-1_5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.