Values, prices and natural liberty: on the dual role of prices in the history of economic analysis

Witztum, Amos (2024) Values, prices and natural liberty: on the dual role of prices in the history of economic analysis. European Journal of the History of Economic Thought. ISSN 0967-2567

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Abstract

Natural liberty is a powerful idea of social order. However, a tension has always existed between its reality and social values. Here, I try to identify where the fault line may lie between an order that fulfils social expectation and one that does not. I claim that throughout history, this fault line had been manifested in the distinction drawn between the concepts of price and value. The first emerges in markets and the second reflects social expectations. Juxtaposing the two reveals either harmony or dissonance between natural liberty and social expectations. Convergence then is a necessary condition for social validity.

Item Type:	Article
Additional Information:	© 2024 The Author(s)
Divisions:	CPNSS
Subjects:	H Social Sciences > HB Economic Theory B Philosophy. Psychology. Religion > B Philosophy (General)
JEL classification:	A - General Economics and Teaching > A1 - General Economics > A10 - General A - General Economics and Teaching > A1 - General Economics > A12 - Relation of Economics to Other Disciplines A - General Economics and Teaching > A1 - General Economics > A13 - Relation of Economics to Social Values B - Schools of Economic Thought and Methodology > B1 - History of Economic Thought through 1925 > B10 - General B - Schools of Economic Thought and Methodology > B1 - History of Economic Thought through 1925 > B11 - Preclassical B - Schools of Economic Thought and Methodology > B1 - History of Economic Thought through 1925 > B12 - Classical B - Schools of Economic Thought and Methodology > B1 - History of Economic Thought through 1925 > B13 - Neoclassical through 1925 B - Schools of Economic Thought and Methodology > B1 - History of Economic Thought through 1925 > B14 - Socialist; Marxist B - Schools of Economic Thought and Methodology > B2 - History of Economic Thought since 1925 > B20 - General B - Schools of Economic Thought and Methodology > B4 - Economic Methodology > B41 - Economic Methodology
Date Deposited:	11 Oct 2024 14:36
Last Modified:	18 Oct 2024 18:30
URI:	http://eprints.lse.ac.uk/id/eprint/125698

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