By Gianni Vaggi
This quantity offers a quick historical past of monetary thought from the 17th century to the current day. every one bankruptcy examines the main contributions of a huge economist, or team of economists, and concludes with short feedback for extra interpreting. The economists coated contain Keynes, Marshall, Petty and Jevons, in addition to much less commonly used theorists equivalent to Galiani and Turgot.
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Extra resources for A Concise History of Economic Thought: From Mercantilism to Monetarism
But this ratio is the ‘marketable value’ and can change quite often without any change in the intrinsic value (ibid, p. 43). The marketable value, or the price of a good on the market, has a loose relationship with its value in use, or with its utility. Value in use does not regulate the price, the value in exchange depends on circumstances which are different from, and only partly related to the particular and specific features of a good, which make it appropriate for satisfying precise human wants and needs.
However, cost of production also includes the wages of the labourers in the cottage industry and in the small scale factories of the time. Money wages must be kept low in order to favour the competitiveness of British products (Mun, 1623, pp. 8, 12). For the Mercantilist, money wages depended on the price of corn and that of other wage goods, but contrary to Ricardo (see below, Chapter 14) they did not favour a low prices of necessaries. On the contrary, corn must not be too cheap in relation to money wages, because if the workers can easily buy their wage goods then they become lazy and idle.
Or between prices and values. The temporary causes inﬂuence the prices established in a speciﬁc day or short period on the market. They appear analogous to what Smith was to call market price, and can exhibit large oscillations from the diverse actions of sellers and buyers. But the value of commodities is much more stable, and it is not linked to what happens on the market at a particular time or place. It depends on permanent causes, or long run forces, which Petty identiﬁed mainly within the conditions of production of a commodity.