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I'd agree with much of what Robin says about Robbins, but Robin's position is undermined
when he says that "economics deals with relative value." In my view, Robbins' economics
deals with relative price, not relative value.  What the relationship of price is to value
is a complicated issue that necessarily raises questions of ethics.  As economists came to
understand that, what was taught in micro evolved from being called value theory to being
called price theory.  Today all we teach is price theory, although by the lack of
discussion of how price theory does not necessarily reflect value, we often mislead
students into thinking we are teaching them more than what we are.
 
Dave Colander 
 
 
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