Value theory before Marx

Abstract

Any economic theory of value is divided into two parts: the notion of value, and its determination. Since the latter normally depends on the former, our investigation will be directed principally to the notion of economic value in the period preceding Marx's Critique of Political Economy and Capital. Before the Classical labour theory of value, we have no complete system of economic value. Naturally, the notion of value existed from very early times, for common-sense always expressed an estimate of the utility of goods both as satisfying personal needs and for purposes of exchange. As history evolved and as exchange increased, however, economic value began to acquire a growing importance.