Value and exchange: Two windows for economic theorizing

Richard Wagner ()

The Review of Austrian Economics, 2007, vol. 20, issue 2, pages 97-103

Abstract: This essay introduces a symposium on value and exchange as alternative organizing concepts for the pursuit of economic theorizing. These concepts pertain to two distinct conceptual windows through which economic phenomena can be examined. The immediate inspiration for this symposium was the articulation of Kohn (2004) of the distinction, a distinction that, in turn, was central to the articulation of Buchanan (1964). Furthermore, this distinction is central to the divergent orientations toward economic theorizing that were set forth in the early 1870s by Carl Menger (1971) and Léon Walras (1874). Copyright Springer Science+Business Media, LLC 2007

Keywords: Open vs closed analytical concepts; Process vs structure; Mengerian vs Walrasian; B4; B5 (search for similar items in EconPapers)

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