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Value Theory
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For Ricardo the Theory of Value was a means of studying the distribution of total output between wages, rent and profit, each considered as a whole. This is a big question. Marshall turned the meaning of value into a little question: why does an egg cost more than a cup of tea? It may be a small question but it is a very difficult and complicated one. It takes a lot of time and a lot of algebra to work out the theory of it. So it kept all Marshall's pupils preoccupied for fifty years. [18: Note]
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This article proposes a reading of value theory firmly entrenched in the historicist framework of political Marxism; one which gives precedence to social relations and historical development over abstract logic and formal models. It argues that Marx's theory of value can be read as elucidating how social norms are being unwittingly created under capitalism by contrast with precapitalist societies. The article is divided into two sections. The first examines the two main ways in which value is considered within Marxism and highlights the problems that can emerge when taking into account the issue of the specificity of capitalism. The second section offers an alternative formulation of value theory grounded in the notion of alienation. This leads to the conclusion that the idea that value is shaped by labour refers to a political fact about decisions concerning the organisation of the labour process, rather than an economic fact about the expenditure of labour in the process of production.
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When value theory is considered in terms of ecological economics, it is categorized into donor-type value and receiver-type value. Many ecological economists hold the belief that in order for wealth to exist, a value, as determined by a donor, must be present. This donor-determined value provides a measurement of things that are necessary to make something or to provide a service. By contrast, receiver-type value is often concerned with market value and related concepts.
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Ricardo ... attempted to explain the origin of profit as a return to capital based on a labor theory of value. Expanding on Smith's example of the value of a hunter's catch relative to the time used to catch it, Ricardo wrote that the value of a good also included the labor embodied in capital used by the laborer:
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According to expectancy-value theory, behaviour is a function of the expectancies one has and the value of the goal toward which one is working [expressed as B = f(E ´ V)]. Such an approach predicts that, when more than one behaviour is possible, the behaviour chosen will be the one with the largest combination of expected success and value. Expectancy-value theory has proved…
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This program of study allows students to deepen their knowledge and skill of value theory and its application to real ethical problems. To enter this program, students must first be admitted to a regular graduate program.
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Value Theory