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A value judgment (or normative judgement) is a judgment of the rightness or wrongness of something or someone, or of the usefulness of something or someone, based on a comparison or other relativity. As a generalization, a value judgment can refer to a judgment based upon a particular set of values or on a particular value system. A related ...
The law of the value of commodities (German: Wertgesetz der Waren), [1] known simply as the law of value, is a central concept in Karl Marx's critique of political economy first expounded in his polemic The Poverty of Philosophy (1847) against Pierre-Joseph Proudhon with reference to David Ricardo's economics.
Classical economists such as David Ricardo proposed a labour theory of value that states there is a direct correlation between the value of a good and the labour required to produce the good, concluding "The value of a commodity, or the quantity of any other commodity for which it will exchange, depends on the relative quantity of labour which is necessary for its production, and not on the ...
The Collapse of the Fact/Value Dichotomy and Other Essays. Harvard University Press. ISBN 978-0674009059. Silvestri P. (ed.), L. Einaudi, On Abstract and Historical Hypotheses and on Value judgments in Economic Sciences, Critical edition with an Introduction and Afterword by Paolo Silvestri, Routledge, London & New York, 2017.
Which value theory holds true divides economic thinkers, and is the base for many socioeconomic and political beliefs. [11] Silvio Gesell denied value theory in economics. He thought that value theory is useless and prevents economics from becoming science and that a currency administration guided by value theory is doomed to sterility and ...
The economic value or benefit of a commodity is the advantage it provides to an economic agent, often measured in terms of the money people are willing to pay for it. [124] Economic theories of value are frameworks to explain how economic value arises and which factors influence it.
This distinction should not be confused with the difference between "nominal prices" (current-value) and "real prices" (adjusted for price inflation, and/or tax and/or ancillary charges). [3] It is more similar to, though not identical with, the distinction between "theoretical value" and "market price" in financial economics. [4]
John Burr Williams (November 27, 1900 – September 15, 1989) was an American economist, recognized as an important figure in the field of fundamental analysis, and for his analysis of stock prices as reflecting their "intrinsic value".