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The Movement from Real to Abstract Value Theory, 1817-1959

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  • Gramm, Warren S

Abstract

General value theory has become a nonagenda item for orthodox economics. Determination of exchange value is the only value questio n asked; value theory is synonymous with price theory. Bounded by representative classical works of David Ricardo and Gerard Debreu, this involved a process wherein the inclusive real value base of classical political economy is replaced by reductionis t abstract value. The thesis is grounded on three "classical" value questions: the determinants, the measure, and the source(s) of value. It is developed in discussion of classical real value; the "half-way house" of neoclassicism; and post-neoclassical closure of the abstract, equilibrium-based value system. Copyright 1988 by Oxford University Press.

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  • Gramm, Warren S, 1988. "The Movement from Real to Abstract Value Theory, 1817-1959," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 12(2), pages 225-246, June.
    • Handle: RePEc:oup:cambje:v:12:y:1988:i:2:p:225-46
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    Cited by:

    1. Stavros Mavroudeas, 2017. "Is Cartelier's Monetary Approach a Convincing Alternative to the Labour Theory of Value? A Comment," Economic Thought, World Economics Association, vol. 6(2), pages 45-52, September.

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