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Francesco Ferrara and Subjective Value Theory

Francesco Ferrara and Subjective Value Theory History of Political Economy 33:2 (2001) Moreover, Ferrara’s approach to the theory of value, based on individual choice between subjectively valued alternatives, anticipated the notion of subjective cost of the Austrian school and that of the Virginia school of political economy (see Buchanan 1987a). His theoretical discourse may be of great interest for present-day authors in these traditions, since Ferrara applied consistently his ideas on value to a great variety of theoretical and policy issues in different fields of economics. Ferrara has been considered an anticipator of methodological individualism (da Empoli and Porta 1990; Nardi 1990), Eugen von Böhm-Bawerk’s theory of capital goods (Faucci 1995, 172),2 the “theory of imputation” of the Austrian school (Weinberger 1940),3 and the equilibrium theory of the Lausanne school (Weinberger 1940; Guccione 1993). Among the economists of his time, Ferrara was highly regarded for his eclectic work, ranging from economic theory to public finance, from the history of economic thought to economic history. His thought influenced many Italian scholars, particularly in public finance, including Vilfredo Pareto, Maffeo Pantaleoni, and Luigi Einaudi, among others. Nonetheless, according to the now-predominant view, Ferrara represents only a transitional figure: although his insights were suggestive, he was not http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png History of Political Economy Duke University Press

Francesco Ferrara and Subjective Value Theory

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Publisher
Duke University Press
Copyright
Copyright 2001 by Duke University Press
ISSN
0018-2702
eISSN
1527-1919
DOI
10.1215/00182702-33-2-315
Publisher site
See Article on Publisher Site

Abstract

History of Political Economy 33:2 (2001) Moreover, Ferrara’s approach to the theory of value, based on individual choice between subjectively valued alternatives, anticipated the notion of subjective cost of the Austrian school and that of the Virginia school of political economy (see Buchanan 1987a). His theoretical discourse may be of great interest for present-day authors in these traditions, since Ferrara applied consistently his ideas on value to a great variety of theoretical and policy issues in different fields of economics. Ferrara has been considered an anticipator of methodological individualism (da Empoli and Porta 1990; Nardi 1990), Eugen von Böhm-Bawerk’s theory of capital goods (Faucci 1995, 172),2 the “theory of imputation” of the Austrian school (Weinberger 1940),3 and the equilibrium theory of the Lausanne school (Weinberger 1940; Guccione 1993). Among the economists of his time, Ferrara was highly regarded for his eclectic work, ranging from economic theory to public finance, from the history of economic thought to economic history. His thought influenced many Italian scholars, particularly in public finance, including Vilfredo Pareto, Maffeo Pantaleoni, and Luigi Einaudi, among others. Nonetheless, according to the now-predominant view, Ferrara represents only a transitional figure: although his insights were suggestive, he was not

Journal

History of Political EconomyDuke University Press

Published: Jun 1, 2001

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