Difference between revisions of "Theory of value"
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(New page: '''Theory of value''' is an area of study within economics concerned with what things are worth, and why they are worth what they are worth. Theories of value include: * [[Labor theor...) |
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Revision as of 01:51, June 28, 2007
Theory of value is an area of study within economics concerned with what things are worth, and why they are worth what they are worth.
Theories of value include:
- 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