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Double trouble: modern misreadings of Cantillon

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  • Roy Grieve

    (Department of Economics, University of Strathclyde)

Abstract

Although the 18th century Franco-Irish financier Richard Cantillon is universally esteemed as an outstanding pioneer of economic analysis, his work is not immune to present-day misunderstanding. This paper identifies two current misreadings both relating to his concept of “intrinsic value.†Both need clearing-up. (1) Anthony Brewer (1992) claimed to find a fatal flaw in Cantillon’s theory of value. The present author (1993) demurred. That objection has not been taken up (or dismissed) in subsequent discussion of Cantillon’s work. We therefore have unfinished business. (2) A second issue has emerged. Modern “Austrian†commentators (who express great admiration for Cantillon) are promoting a seriously erroneous misinterpretation of his theory of value. We think it is time both to put forward, against Brewer’s allegation, a stronger defence of Cantillon’s theory, and also to make the point that Cantillon’s conception is fundamentally different from how (some) “Austrian†admirers apparently see it.

Suggested Citation

  • Roy Grieve, 2016. "Double trouble: modern misreadings of Cantillon," Working Papers 1607, University of Strathclyde Business School, Department of Economics.
    • Handle: RePEc:str:wpaper:1607
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    File URL: http://www.strath.ac.uk/business/economics/research/discussionpapers/
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    Keywords

    intrinsic value; distribution and value; Austrian theory; opportunity cost;
    All these keywords.

    JEL classification:

    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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