A fundamental question in economics is value theory -- where do prices come from, what determents the value of a commodity, product, or good? The classical economists operated with a labor theory of value, but in the mid-19th century, three different economists from three different countries independently developed their own theories of value based on subjective utility and decision-making at the margin. This paradigm shift in economics opened up a wealth of new thinking about human decision-making, and remains the dominant value theory in economics to this day.

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