elder-Vass_2019-06 NPWV PPV.pdf (250.62 kB)
No price without value: Towards a theory of value and price
journal contribution
posted on 2019-07-01, 09:57 authored by Dave Elder-VassThe relationship between value and price, a central focus of classical political economy, has fallen into the shadows of neglect in contemporary economics. This paper builds on a critical realist framework and findings from the economics of conventions and the sociology of valuation to develop a theory of value that returns to the relation between value and price. It argues that value is best understood as a view of the price that something ought to exchange at, and that these views are shaped normatively by a host of lay theories of value and the groups and organisations that advance them. Through their effects on our assessments of value, these theories also influence the determination of prices. Although prices in open systems are determined by many interacting factors, lay theories of value play a crucial role in the process.
History
Published in
Cambridge Journal of EconomicsVolume
43Issue
6Pages
1485 – 1498Citation
ELDER-VASS, D., 2019. No price without value: Towards a theory of value and price. Cambridge Journal of Economics, 43 (6), pp.1485-1498.Publisher
Oxford University Press (OUP)Version
- AM (Accepted Manuscript)
Rights holder
© the authorPublisher statement
This is a pre-copyedited, author-produced version of an article accepted for publication in Cambridge Journal of Economics following peer review. The version of record ELDER-VASS, D., 2019. No price without value: Towards a theory of value and price. Cambridge Journal of Economics, 43 (6), pp.1485-1498 is available online at: https://doi.org/10.1093/cje/bez040Acceptance date
2019-06-18Publication date
2019-08-17Copyright date
2019ISSN
0309-166XeISSN
1464-3545Publisher version
Language
- en