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The Need for a Concept of Value in Economic Theory

Karl H. Niebyl

The Quarterly Journal of Economics, 1940, vol. 54, issue 2, 201-216

Abstract: I. Necessity of reexamining the received body of economic thought, 201. — II. Historical illustrations of the principle of relativity, 203.— III. Characteristics of an adequate theory, 206.— IV. Meaning of "interdependence," 207.— The sociology of knowledge, 208.— V. Group problems overshadowed by the main problem of the dominant group, 208.— VI. A theory of value of a dominant group tends to become static, 210.— VII. The concrete purpose in formulating a theory of value, 212.— Approximation, 214.— VIII. The larger processes or fields of relevanee, 214.— IX. Conclusion, 216.

Date: 1940
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The Quarterly Journal of Economics is currently edited by Robert J. Barro, Lawrence F. Katz, Nathan Nunn, Andrei Shleifer and Stefanie Stantcheva

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