2017•DOAJ (DOAJ: Directory of Open Access Journals)Open access

A Short History of Value Theory

Gina Ioan

Abstract

The economic value theory is the core of economics being an interesting concept for all philosophers and classical and neoclassical thinkers economic until today. The classical thinkers consider that value is born in production process, and only labor is the source of it. This is the Labor Theory of Value. Marginalist Revolution economists found the source of value in exchange, in the market building the Marginal Theory of Value.

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Key concepts: Value theory, Value (mathematics), Economics, Neoclassical economics, Use value, Exchange value, Labor theory of value, Positive economics