The Movement from Real to Abstract Value Theory, 1817-1959

Warren S Gramm

Cambridge Journal of Economics, 1988, vol. 12, issue 2, 225-46

Abstract: General value theory has become a nonagenda item for orthodox economics. Determination of exchange value is the only value questio n asked; value theory is synonymous with price theory. Bounded by representative classical works of David Ricardo and Gerard Debreu, this involved a process wherein the inclusive real value base of classical political economy is replaced by reductionis t abstract value. The thesis is grounded on three "classical" value questions: the determinants, the measure, and the source(s) of value. It is developed in discussion of classical real value; the "half-way house" of neoclassicism; and post-neoclassical closure of the abstract, equilibrium-based value system. Copyright 1988 by Oxford University Press.

Date: 1988
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