Tag: value theory
Value, Cost, Marginal Utility, and Böhm-Bawerk
What governs price? Does cost of production determine price or does price determine cost of production? In the world of economic caricatures, the classical economists (Smith, Ricardo, et al.) took the former position, the Austrians the latter. Specifically, the Austrian view supposedly is that that demand driven by marginal utility determines the price of consumer…
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