Adam Smith, Value and the Taste of Beauty

Jimena Hurtado Prieto

No 20685, Documentos CEDE from Universidad de los Andes, Facultad de Economía, CEDE

Abstract: The founding question in economics of how the market works, and thus, the question of value and prices, was part of a larger question on social coordination during the Enlightenment. This broader context implies an exploration of human nature and, in the case of Adam Smith, of the principles of the human mind. The interpretation of Smith's theory of value has received much attention over the years, with some claiming it as a labor theory or a cost of production theory. I propose an alternative interpretation of Smith's theory of value as an expression of social interactions, specifically through the taste of beauty, or aesthetic need.

Keywords: Adam Smith; value; taste; aesthetics. (search for similar items in EconPapers)
JEL-codes: A12 A13 B11 B13 (search for similar items in EconPapers)
Pages: 27
Date: 2023-03-22
New Economics Papers: this item is included in nep-his and nep-hpe
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Persistent link: https://EconPapers.repec.org/RePEc:col:000089:020685

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