The Theory of Value
write a paper about the “Theory of Value”. Emphasising what it is, where does this theory come from and especially the different points of view about it (for example: Adam Smith’s and David Ricardo’s points of view) and what is its role/importance in the history of economics.
The purpose of this course is to trace the development of the theories of value and
distribution and their relation to the arguments for and against laissez-faire. The
goal is to see economics as a historical progression — how we got from there to here;
and to appreciate its historical continuities and discontinuities. Attention will be
focused on Smith, the transition from Smith to Classical Economics, the transition
from Classical Economics to the marginal revolution of the 1870’s, i.e., Neo-Classical
Economics, and the limitations of Neo-Classical Economics leading to the incentive
revolution of the 1970’s.)
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