Late Nineteenth Century American Development: A General Equilibrium History.

1976 ◽  
Vol 29 (1) ◽  
pp. 191
Author(s):  
Stanley L. Engerman ◽  
Jeffrey G. Williamson
Keyword(s):  
Nineteenth Century ◽  
General Equilibrium ◽  
Late Nineteenth Century ◽  
Late Nineteenth

Marshall's Neo-Classical Labor-Values

1999 ◽  
Vol 21 (3) ◽  
pp. 257-268 ◽  
Author(s):  
Joseph Persky
Keyword(s):  
Nineteenth Century ◽  
General Equilibrium ◽  
Utility Theory ◽  
Marginal Utility ◽  
General Concept ◽  
Late Nineteenth Century ◽  
Real Value ◽  
Late Nineteenth ◽  
Theory Of Value ◽  
Over Time

With the coming of marginal utility theory, the economists of the late nineteenth century were left with a theory of exchange values, but not with a theory of value. For example, William Stanley Jevons suggested that the concept of value be dropped from economics, leaving behind only vectors of exchange ratios (Jevons 1879). Not a few general equilibrium economists today hold much the same view. However, then, as today, there were seemingly fundamental economic questions that required a more general concept of value. Whenever economists turned to describing the movements in the economy over time or comparing the economies of different countries, they inevitably wanted to make statements about changes or differences in the real value of goods.

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