ARISTOTLE AND THE DEVELOPMENT OF VALUE THEORY.

The article discusses the development of the labor or cost-of-production tradition of Aristotle, which indicates that labor cost was connected with the process of value determination. It informs that an eighteenth century thinker who was directly familiar with the works of Aristotle, and who was at least indirectly influenced by scholastic writers, might take a labor-oriented approach. Such an orientation can be shown to persist in early value theory along with the utility element, as a secondary, but nevertheless influential, factor. Further, there are a number of passages in Aristotle's writings, which can be interpreted as indicating that he also thought that labor cost was connected with the process of value determination. It has adequately demonstrated how the Austrian value theorists of the nineteenth century were anticipated in part, by writers in a tradition, which stemmed from Aristotle. However, there is also a labor or cost-of-production tradition which may be less obvious, but which links Adam Smith, the scholastics and Aristotle.