IDEAS home Printed from https://ideas.repec.org/p/uwa/wpaper/14-06.html
   My bibliography  Save this paper

History of the Concept of Value

Author

Listed:
  • J. E. King

    (La Trobe University, Victoria)

  • Michael McLure

    (University of Western Australia)

Abstract

In this historical review we distinguish between two broad categories of value theories, objective and subjective, which focus respectively on the conditions of production and on the preferences of consumers. The objective approach to value theory is discussed with respect to classical political economy and the labour theory of value and the Sraffian revival of classical value theory in the twentieth century. The subjective approach to value theory is discussed with reference to neoclassical economics, with emphasis on marginal utility and equilibrium; marginal productivity and the distribution of product; and enhancements to utility analysis developed in the late nineteenth and early twentieth centuries. We conclude with a very brief and speculative reflection on the challenge of the digital age for value theory. The paper has been prepared as an entry for the forthcoming second edition of the International Encylopedia of the Social and Behavioural Sciences (Elsevier).

Suggested Citation

  • J. E. King & Michael McLure, 2014. "History of the Concept of Value," Economics Discussion / Working Papers 14-06, The University of Western Australia, Department of Economics.
  • Handle: RePEc:uwa:wpaper:14-06
    as

    Download full text from publisher

    File URL: https://ecompapers.biz.uwa.edu.au/paper/PDF%20of%20Discussion%20Papers/2014/14-06%20History%20of%20the%20Concept%20of%20Value.pdf
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kai CHEN & Roxana STEGEREAN & Razvan Liviu NISTOR, 2018. "Value Creation And Value Added In Blockchain Technology," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 12(1), pages 862-878, November.
    2. Dirk C. Moosmayer & Sandra Waddock & Long Wang & Matthias P. Hühn & Claus Dierksmeier & Christopher Gohl, 2019. "Leaving the Road to Abilene: A Pragmatic Approach to Addressing the Normative Paradox of Responsible Management Education," Journal of Business Ethics, Springer, vol. 157(4), pages 913-932, July.
    3. P. Hlaváčková & D. Šafařík, 2016. "Quantification of the utility value of the recreational function of forests from the aspect of valuation practice," Journal of Forest Science, Czech Academy of Agricultural Sciences, vol. 62(8), pages 345-356.
    4. Chen Kai, 2019. "Value management in Blockchain technology related projects," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 13(1), pages 194-205, May.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    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:uwa:wpaper:14-06. 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: Sam Tang (email available below). General contact details of provider: https://edirc.repec.org/data/deuwaau.html .

    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.