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Subjective theory of value

Index Subjective theory of value

The subjective theory of value is a theory of value which advances the idea that the value of a good is not determined by any inherent property of the good, nor by the amount of labor necessary to produce the good, but instead value is determined by the importance an acting individual places on a good for the achievement of his desired ends. [1]

19 relations: Austrian School, Behavioral economics, Carl Menger, Classical economics, Competition, David Ricardo, Economic equilibrium, Free market, Intrinsic theory of value, Jonathan Nitzan, Labor theory of value, Léon Walras, Marginal utility, Marginalism, Paul Mattick, Theory of value (economics), Trade, Value (economics), William Stanley Jevons.

Austrian School

The Austrian School is a school of economic thought that is based on methodological individualism—the concept that social phenomena result from the motivations and actions of individuals.

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Behavioral economics

Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the economic decisions of individuals and institutions and how those decisions vary from those implied by classical theory.

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Carl Menger

Carl Menger (February 23, 1840 – February 26, 1921) was an Austrian economist and the founder of the Austrian School of economics.

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Classical economics

Classical economics or classical political economy (also known as liberal economics) is a school of thought in economics that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century.

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Competition

Competition is, in general, a contest or rivalry between two or more entities, organisms, animals, individuals, economic groups or social groups, etc., for territory, a niche, for scarce resources, goods, for mates, for prestige, recognition, for awards, for group or social status, or for leadership and profit.

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David Ricardo

David Ricardo (18 April 1772 – 11 September 1823) was a British political economist, one of the most influential of the classical economists along with Thomas Malthus, Adam Smith and James Mill.

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Economic equilibrium

In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.

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Free market

In economics, a free market is an idealized system in which the prices for goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.

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Intrinsic theory of value

An intrinsic theory of value (also called theory of objective value) is any theory of value in economics which holds that the value of an object, good or service, is intrinsic, meaning that it can be estimated using objective measures.

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Jonathan Nitzan

Jonathan Nitzan is Professor of Political Economy at York University, Toronto, Canada.

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Labor theory of value

The labor theory of value (LTV) is a theory of value that argues that the economic value of a good or service is determined by the total amount of "socially necessary labor" required to produce it, rather than by the use or pleasure its owner gets from it (demand) and its scarcity value (supply).

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Léon Walras

Marie-Esprit-Léon Walras (16 December 1834 – 5 January 1910) was a French mathematical economist and Georgist.

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Marginal utility

In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service.

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Marginalism

Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility.

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Paul Mattick

Paul Mattick, Sr. (March 13, 1904 – February 7, 1981) was a Marxist political writer and social revolutionary, whose thought can be placed within the council communist and left communist traditions.

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Theory of value (economics)

"Theory of value" is a generic term which encompasses all the theories within economics that attempt to explain the exchange value or price of goods and services.

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Trade

Trade involves the transfer of goods or services from one person or entity to another, often in exchange for money.

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Value (economics)

Economic value is a measure of the benefit provided by a good or service to an economic agent.

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William Stanley Jevons

William Stanley Jevons FRS (1 September 1835 – 13 August 1882) was an English economist and logician.

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Economic subjectivism, Subjective Theory of Value, Subjective value, Subjective value theory, Subjectivism (economics), Theory of subjective value.

References

[1] https://en.wikipedia.org/wiki/Subjective_theory_of_value

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