Economic Analysis in Talmudic Literature: Some Ancient Studies of Value

Roman A. Ohrenstein

American Journal of Economics and Sociology, 1980, vol. 39, issue 1, 22-22

Abstract: Abstract. The Talmudic Sages displayed a remarkable understanding of economic laws and practices. A knowledge of this understanding would be useful for the development of western economic thought. Especially is this true of the insight these Jewish scholars won into the nature of value, one of the most controversial economic concepts today. The Talmud—a compilation of studies, disputations and interpretations from Palestinian and Babylonian academies from the 3rd century B.C.E. to the 5th century C.E.—contains a complex system of value concepts in which economic aspects are part of a larger set of ethical and legal doctrines. This includes “ideal” and “market value,” the value of human life and its link to man's productive capacity, the derivation of present value from calculations of expected income flow from the person's labor, the nucleus of the concept of ”human capital,” of “free labor” as against “slave labor,” subjective and objective value with the latter made subjective and the former objective, psychic value and marginal utility. The most intriguing doctrine is that of a “valueless value”; the Talmudic sages attempted the quantification of a negative value couched in positive and psycho‐economic terms, an idea which, it is held, has no parallel in western economic thought. This idea, it is argued, has significance for modern welfare economics; it is a distinct category in which the valueless subject is given a positive numerical value (1) (2).

Date: 1980
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://doi.org/10.1111/j.1536-7150.1980.tb01252.x

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:ajecsc:v:39:y:1980:i:1:p:22-22

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0002-9246

Access Statistics for this article

American Journal of Economics and Sociology is currently edited by Laurence S. Moss

More articles in American Journal of Economics and Sociology from Wiley Blackwell
Bibliographic data for series maintained by Wiley Content Delivery ().