Principles of Economic

Honors Econ 215 - Spring 2017

Assignment #1: Due Wednesday 2/8

Theory of Value

1) Writing Assignment: (2 -3 pages minimum)

I would like you to reflect on the different concepts of “value” we have talked and read about so far in

discussing the Worldly Philosophers, Adam Smith, David Ricardo, and this attach Raj Patel reading.

(Note, this reading starts on page 61 and stops on page 69 – sorry for the awkward scanning)

Part 1) Which ideas particularly appealed to you or troubled you? Can you synthesize these ideas into a

workable definition of “value” for yourself? How would you define what gives something

“value” in your own words? Use evidence from things we’ve covered so far, but you’re also free

to bring in your own ideas and arguments

Part 2) Ask 4 or 5 friends or family members to give you’re their own definition of “value” and report

the results of your survey … how do other people define “value”? Are their responses similar or

different than what we’ve used so far, and in what ways? Try to let them give you their own

spontaneous answer without leading them to any particular “Adam Smith-y” type definition.