TY - JOUR
T1 - The paradox of value in the teaching of the Church Fathers
AU - Hengstmengel, J.
PY - 2021
Y1 - 2021
N2 - © 2021 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.The paradox of value is a classic puzzle in economics. It wonders why necessities are cheap while luxury goods are useless but expensive. Often Adam Smith is cited as the “inventor” of the paradox. Few economists seem to realise that it was voiced by numerous writers before. This article focuses on the Church Fathers, and discusses the role and interpretation of the paradox in their works. It argues that although these “theologians” did not take the analysis of the paradox much further than their philosophical predecessors, they elaborated on the subjectivity of value and price, thus contributing to the genesis of the economic theory of value.
AB - © 2021 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.The paradox of value is a classic puzzle in economics. It wonders why necessities are cheap while luxury goods are useless but expensive. Often Adam Smith is cited as the “inventor” of the paradox. Few economists seem to realise that it was voiced by numerous writers before. This article focuses on the Church Fathers, and discusses the role and interpretation of the paradox in their works. It argues that although these “theologians” did not take the analysis of the paradox much further than their philosophical predecessors, they elaborated on the subjectivity of value and price, thus contributing to the genesis of the economic theory of value.
UR - http://www.scopus.com/inward/record.url?scp=85100235386&partnerID=8YFLogxK
U2 - 10.1080/09672567.2021.1877758
DO - 10.1080/09672567.2021.1877758
M3 - Article
SN - 0967-2567
VL - 28
SP - 695
EP - 707
JO - European Journal of the History of Economic Thought
JF - European Journal of the History of Economic Thought
IS - 5
ER -