Many commentators claim Adam Smith failed to realize that no objective standard of value exists. Instead, he adhered to the labor theory of value. Like others, we argue that in the The Wealth of Nations Smith discussed the “early and rude state” in which the labor theory of value made some...

This paper examines the marginal utility as a theory of value in comparison with the theories which preceded it. It compares in detail the utility theory with the predominant theory of value of classical economics, a cost theory which saw labor as the ultimate source of value. By introducing a...

Mikhail Tugan‑Baranovsky was one of the most prolific Russian economists at the turn of the 19–20th centuries. His thought was largely influenced by Western ideas, like most of his fellow Russian economists. But Tugan‑Baranovsky’s theories in turn also influenced Western economic thought...

Die Begriffe Wohlfahrt und Wohlstand werden in ihrem dogmenhistorischen Entstehungskontext untersucht. Dabei wird zum einen der Schwerpunkt auf die von den Physiokraten, aber auch von John Stuart Mill, W. Stanley Jevons und sogar von deutschen Ordoliberalen thematisierten Wachstumsgrenzen gelegt...

Adam Smith is commonly referred to as one of the first who thought of foreign trade in terms of an international division of labour, whereby each country specialises in the production of certain goods. It is argued that he made a strong case for foreign trade on this basis. In this article, I...

This essay is a commented bibliographic inventory of the references in the economic thought concerning the affection and the family, from Adam Smith to the authors that recently have formalized models toward this subject. Within the commented authors are: Smith, Malthus, Sade, Fourier, J.S....

Keynes provided a technical analysis on pages 179-181 of the General Theory that identified two separate rates of interest, r1 and r2, each different rate of interest associated with a different Demand for Investment and Supply of Savings Intersection. Each combination would provide a different,...

Keynes recognized that there were a few cases where his rational analysis of decision making under conditions of uncertainty and risk using: (a) interval valued probability in Parts II and III of the A Treatise on Probability,(b) decision weights in Part IV of the A Treatise on Probability ,or...