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The Economics of Business ValuationTowards a Value Functional Approach$
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Patrick Anderson

Print publication date: 2013

Print ISBN-13: 9780804758307

Published to Stanford Scholarship Online: September 2013

DOI: 10.11126/stanford/9780804758307.001.0001

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VALUE IN CLASSICAL ECONOMICS

VALUE IN CLASSICAL ECONOMICS

Chapter:
(p.90) (p.91) 7 VALUE IN CLASSICAL ECONOMICS
Source:
The Economics of Business Valuation
Author(s):

Patrick L. Anderson

Publisher:
Stanford University Press
DOI:10.11126/stanford/9780804758307.003.0007

The author begins a review of 10 different theories of value with this chapter on classical economic thought. The labor theory of value dates as least as far back as Adam Smith and the 18th century, and may have independently been articulated by the Indian sage Kautilya in the 3rd century BC. The author observes that the labor theory fails to explain the actual determination of prices in a market economy, but still provides valuable insight into human behavior in the modern economy.

Keywords:   classical economics, Adam Smith, Kautilya, David Ricardo, labor theory of value, Beaver and Deer example, intrinsic value, value in exchange

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