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No price without value: towards a theory of value and price

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  • Dave Elder-Vass

Abstract

The relationship between value and price, a central focus of classical political economy, has fallen into the shadows of neglect in contemporary economics. This paper builds on a critical realist framework and findings from the economics of conventions and the sociology of valuation to develop a theory of value that returns to the relation between value and price. It argues that value is best understood as a view of the price that something ought to exchange at, and that these views are shaped normatively by a host of lay theories of value and the groups and organisations that advance them. Through their effects on our assessments of value, these theories also influence the determination of prices. Although prices in open systems are determined by many interacting factors, lay theories of value play a crucial role in the process.

Suggested Citation

  • Dave Elder-Vass, 2019. "No price without value: towards a theory of value and price," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 43(6), pages 1485-1498.
    • Handle: RePEc:oup:cambje:v:43:y:2019:i:6:p:1485-1498.
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    File URL: http://hdl.handle.net/10.1093/cje/bez040
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    Cited by:

    1. Leire San-Jose & Jose Luis Retolaza, 2021. "The value of the PhD degree in management science," SN Business & Economics, Springer, vol. 1(3), pages 1-19, March.

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