Eric Roll, Baron Roll of Ipsden - Exchange Quotes

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Profit can only arise upon alienation, i. e. in the act of exchange, when the seller sells more dearly than he has bought.

Eric Roll, Baron Roll of Ipsden

The physiocrats started a train of thought which was a powerful stimulus to the development of a labour theory of value and surplus value. They did not, however develop such a theory of value themselves. What attention they gave to the problem of exchange-value and price produced results of an altogether different character. Thus while one of their contributions finds its continuation in Smith, Ricardo, and Marx, the other leads to the post-classical supply and demand and utility theories of value.

Eric Roll, Baron Roll of Ipsden

Aristotle laid the foundation of the distinction between use-value and exchange-value, which has remained a part of economic thought to the present day.

Eric Roll, Baron Roll of Ipsden