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1-1. Theories of Value 2024 겨울

The document discusses fundamental economic problems and theories of value, referencing key economists such as Adam Smith, David Ricardo, and Karl Marx. It outlines three main theories of value: the Abstract Theory, the Objective Theory, and the Subjective Theory, highlighting how each theory approaches the concept of value differently. The text emphasizes the role of production inputs and consumer preferences in determining value.

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xuweizheng45
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6 views8 pages

1-1. Theories of Value 2024 겨울

The document discusses fundamental economic problems and theories of value, referencing key economists such as Adam Smith, David Ricardo, and Karl Marx. It outlines three main theories of value: the Abstract Theory, the Objective Theory, and the Subjective Theory, highlighting how each theory approaches the concept of value differently. The text emphasizes the role of production inputs and consumer preferences in determining value.

Uploaded by

xuweizheng45
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Principles

of Econom-
ics

Theories of Value
-a very brief introduction

Suk Ho Kim
Three Fundamental Economic
Problems
 Paul Anthony
Samuelson (1915 –
2009)
 ………… commodities shall
be produced & in ……..
quantity?
 ……. shall goods be pro-
duced?
 ………………, ………… / …….…
 ……………….. shall goods
be produced?
Suk Ho Kim | Principles of Eco- 2
Signal to solve fundamental problems of
economy

 ………….  Law of ………….. &

Price ……………

 ………….
Suk Ho Kim | Principles of Eco- 3
Charles Dickens, A Tale of Two Cities

Suk Ho Kim | Principles of Eco- 4


The Tale of Three Theories of Value ①

 Abstract …………… Theory of Value

 Adam Smith  David Ri-


cardo  Karl Marx &
Friedrich Engels  Paul
Sweezy, Nikolai Ivanovich
Bukharin  Ernst Mandel,
Ben Fine
 …………… put into produc-
tion is the source of value

Suk Ho Kim | Principles of Eco- 5


The Tale of Three Theories of Value ②

 ……………………. Theory of Value

• Adam Smith David Ri-


cardo Thorstein Veblen,
Alfred Marshall John
Maynard Keynes, Michal
Kalecki Joan Robinson,
Nicholas Kaldor, John Ken-

• neth Galbraith
……………. of resources put
into production deter-
mines the value
Suk Ho Kim | Principles of Eco- 6
The Tale of Three Theories of Value ③

 Subjective ……………….. Theory of Value

 Adam Smith 
Thomas Robert
Malthus  William
Stanley Jevons, Carl
Menger, Leon Walras
 Vilfredo
Pareto, Irving
Fisher  Milton
Friedman,
Suk Ho Kim | Principles of Eco-
Ken- 7
The Tale of Three Theories of Value ④

 The starting point is the individual en-


dowed with tastes & talents

 Fundamentally, consumer’s …………….. de-


termines the price

 Market is a mechanism in which participat-


ing individuals are maximizing their

 ………….. function
Cardinal ………… Theory  Ordinal ……………..
Theory  (Revealed ……………….. Theory)
☞ Standard Modern Micro-
economics
Suk Ho Kim | Principles of Eco- 8

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