Annotation
This text addresses economists interested in a sound empirical foundation for their theoretical concepts. The author investigates economic value and determines how value is defined in theory, which is microeconomic, and how it is measured in practice in national accounts. He dem…
Utz-Peter Reich addresses economists interested in a sound empirical foundation for their theoretical concepts. He investigates economic value and determines how value is defined in theory, which is microeconomic, and how it is measured in practice in national accounts. He demon…
"In this book Utz-Peter Reich documents the failure of microeconomic theory to explain value in national accounts. Relying on the hypothesis that national accounts have clandestinely developed their own value theory, hidden behind a plethora of practical rules, this theory is sh…