The Concept of Value in Economic Thought
Jul 30, 1988
The concept of production, the meaning of produced output, and the measurement of production are all completely dependent on the concept of value at their base. This course will show that Ayn Rand's concept of objective value is the necessary basis for a rational conception of production, and the corresponding rational conception of the structure of the aggregate economy. In contrast, we will see that intrinsic value is the basis for modern national income accounting and Keynesian economics.