Abstract

The two variants of the existing theory of value in Economies have a long history which, in the period before 1870, merges with the general stream of reasoning about value in the works of the philosophers. It is not part of our purpose to trace the history through the works of different writers, showing how one set of ideas has developed out of another, though the reader may be referred to some recent works which take this inquiry for their province.1 In order to expound the present-day theory of value in Economics, however, it is necessary to indicate the new starting-point which was chosen by some economists around 1870, out of which they began to develop their theories.

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