The Classical Economists’ Theory of Value Was More Sophisticated than You Think

Bob quotes from David Ricardo to show that the classical economists understood that utility was essential to explaining market value, but then he also explains why the Marginalist Revolution was a scientific advancement. Bob’s Journal of Libertarian Studies Article on The Labor Theory of Value: https://Mises.org/HAP462a Human Action Podcast Episode 460, “What Does Say’s Law Really Say?”: https://Mises.org/HAP462b David Ricardo, On the Principles of Political Economy and Taxation: https://Mises.org/HAP462c