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Ep 271 - Defining Value with L. Randall Wray

Macro N Cheese

CHAPTER

Exploring Theories of Value in Economics

This chapter delves into the evolution of theories of value in economics, from the labor theory of value to neoclassical economics. It discusses the importance of understanding concepts like the labor theory of value, utility theory of value, liquidity preference theory of value, and instrumental theory of value in comprehending the economic system. The role of the state in shaping money, defining capitalism's rules, and the influence of economist Robert Heilbronner on the speaker's work are also explored.

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