The limits of monetary approaches to the theory of value
The theory of value aims to explain the way prices function as a coordination mechanism of market societies. A coherent approach to the theory of value must be monetary and, in addition, it must analyze the dynamics of the economy in a disaggregated manner, considering the interdependent relations...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Universidad Nacional de Colombia
2023-04-01
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| Series: | Cuadernos de Economía |
| Subjects: | |
| Online Access: | https://revistas.unal.edu.co/index.php/ceconomia/article/view/102923 |
| Summary: | The theory of value aims to explain the way prices function as a coordination mechanism of market societies. A coherent approach to the theory of value must be monetary and, in addition, it must analyze the dynamics of the economy in a disaggregated manner, considering the interdependent relations between the different individual economic activities. Here, we review the main monetary models of theories of value, both neoclassical and classical-Marxian. We analyze their scope and limits and conclude by highlighting a dilemma they face between their results’ generality and specificity.
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| ISSN: | 0121-4772 2248-4337 |