Value and Exchange

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Lipton Matthews

A yacht—like any good exchanged on the free market—represents countless value-maximizing exchanges and represents an industry that employs thousands of people to provide goods and services to others.

Federico Silva

Six hundred years before Carl Menger wrote his Principles, Thomas Aquinas was writing about the role of subjective valuation in economic exchanges. His work helped lay the groundwork for further advances in economic theory.

Claudio Restani

Isaac Newton is best known for his development of mathematics and physics, but he also took a keen interest in economics, especially the relationship of money to economic exchange. He also believed that economic laws, like gravity, were immutable.

David Gordon

In this week‘s Friday Philosophy, Dr. David Gordon looks at Allen Wood‘s attempts to salvage Marx‘s theory of exploitation. While Dr. Gordon acknowledges Allen‘s expertise in 19th-century philosophy, he notes that Allen truly misunderstands economics.