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Line 8: − − === Theory of value === − There are a number of different "theories of value," each of which seek to explain what things are worth. − * [[Labor theory of value]]: Goods and services are worth the total labor necessary to acquire them; − * [[Randian theory of value]]: Value derives from the objective realities of an individual's situation, and reasonable goals on the part of the individual; − * [[Subjective theories of value]]: value is created and determined by subjective demand and scarcity − − === Economic justice === − There are a number of different views on which economic outcomes are "just;" − * [[Laissez-faire capitalism]]: The idea that economic outcomes are just when individuals are free to make economic decisions without interference from government, or violation of [[property rights]]; − * [[Egalitarianism]]: The idea that economic outcomes are just when all individuals do similar amounts of work, and receive similar pay; − * [[Marxism]]: The idea that economic outcomes are just when individuals produce according to their abilities and consume according to their needs;
→Issues in economics
* [[Economic prosperity]]: What policies encourage economic growth and development?
* [[Economic prosperity]]: What policies encourage economic growth and development?
* [[Economic prediction]]: What can the economic realities today tell us about the economic realities of tomorrow?
* [[Economic prediction]]: What can the economic realities today tell us about the economic realities of tomorrow?
== Disciplines within economics ==
== Disciplines within economics ==