The History of the Theory of Value with Baker & Kless – 067
The history of economic thought regarding the concept of value is "a tale of two theories". The Labor Theory of Value states that value is equal to the sum of the labor and materials to create something. The Subjective Theory of value states that value...
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Show Notes
The history of economic thought regarding the concept of value is "a tale of two theories". The Labor Theory of Value states that value is equal to the sum of the labor and materials to create something. The Subjective Theory of value states that value is the perception in the mind of the customer. Ron Baker and Ed Kless discuss these theories from chapter 8 of Ron's book Pricing on Purpose.
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