The Transformation of the Theory of Value

Until the late nineteenth century, political economy remained a science of the economic aspects of human action. It dealt with human action only to the extent that it is actuated by what was very unsatisfactorily described as the profet motive. And it asserted that there is, in addition, other human action whose treatment is the task of other disciplines. Modern subjectivist economics converted the theory of market prices into a general theory of human choice.