Revealed preference theory (RPT) and its behavioral extension (BRPT) underpin an important strand of welfare economics. Their normative appeal rests on the claim that welfare can be inferred from observed behavior without substantive assumptions about what agents should value - a property I call...

To progress beyond the orthodoxy vs. skepticism divide, Marxist value theory must endorse both qualitative research into the social relations underlying economic phenomena and careful quantitative modeling. It must also accept scientific conclusions, wherever they may lead. New investigations...

Chapter 1. Introduction -- Chapter 2. Values-To-Vauable Metrics -- Chapter 3. Use-Values and Nature -- Chapter 4. Use-Value Producers -- Chapter 5. Use-Values Learning and Knowledge -- Chapter 6. Use-Values and Forms -- Chapter 7. Innovation and Use-Value -- Chapter 8. The Falling Rate-Of-Profit...

Commentators often follow David Ricardo in looking, especially, at chapters Vand VI of Book I of Adam Smith's Wealth of Nations as the place to find his theory of value. And most commentators attribute to Adam Smith some versions of a labor theory of value. But in those chapters, Smith is...

According to the economics Nobel laureate, Kenneth Arrow, "… capitalism is a flawed system. It probably has the same virtues as Churchill attributed to democracy: It’s the worst system except for any other." Thus, capitalism is a necessary evil, but it is not inherently bad. I argue that...

This article is an introduction to my recent book Marx's Theory of Value in Chapter 1 of Capital: A Critique of Heinrich's Value-Form Interpretation . My book is a detailed textual study of Chapter 1 of Volume 1 of Capital and of Michael Heinrich's value-form interpretation of Chapter 1, as...

There is much disagreement about the extent to which financial incentives motivate study participants. We elicit preferences for being paid for completing a survey, including a one-in-twenty chance of winning a $100 electronic gift card, a guaranteed electronic gift card with the same expected...

There is much disagreement about the extent to which financial incentives motivate study participants. We elicit preferences for being paid for completing a survey, including a one-intwenty chance of winning a $100 electronic gift card, a guaranteed electronic gift card with the same expected...

The received view does not associate David Hume with the genesis of the labor theory of value, but as is argued here, Hume issued a number of key propositions that belong to the labor theory of value such that he rightly belongs to the classical school of political economy. Hume articulated both...