A Biography of A.R.J. Turgot – Part 2 – VALUE, EXCHANGE AND PRICE

One of the most remarkable contributions by Turgot was an unpublished and unfinished paper, “Value and Money,” written around 1769. Turgot developed an Austrian-type theory first of Crusoe economics, then of an isolated two-person exchange, which he later expanded to four persons, and then to a complete market. By concentrating first on the economics of […]