IN CONTEXT
Theories of value
Friedrich von Wieser (1851–1926)
1817 David Ricardo argues that the value of a commodity is determined by the amount of labor hours used to produce it.
1920 Alfred Marshall argues in Principles of Economics that both supply and demand have a role in determining price.
1949 Ludwig von Mises explains in Human Action how prices convey important information in markets.
1960 Italian economist Piero Sraffa questions the opportunity cost measure of value in Production of Commodities by Means of Commodities.
Economists at the end of the 1800s were still wrestling with what determined the value of a product. ...
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