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To Err is Human: Bastiat on Value and Progress

To Err is Human: Bastiat on Value and Progress The bulk of Bastiat’s scientific work is contained in Economic Harmonies, a work generally overlooked or underestimated. Thsi paper would contribute to its comprehensive rehabilitation by re-examining and reappraising Bastiat’s theory of value.Bastiat defined value as “the relationship existing between two services that have been exchanged.” He respected the principle of objective or intrinsic value (Smith, Ricardo and Marx), of materiality or durability (Smith), utility (Say, Storch), scarcity (Senior). “Products” have no value if not traded, and the exchange is not between two products (Say) but two services mutually produced, traded and subjectively compared by two persons. The origin of the value is the “effort”, which transforms the gifts of nature, and consists in providing services to others in return for services desired.Bastiat’s criticism of Smith and Say anticipated recent developments in contemporary economics. By stressing the importance of services rather that of products, he laid the groundwork for a new approach to consumer theory (Becker, Lancaster). By abandoning the reference to production and concentrating on exchange, he has been joined by some Austrian Economists (especially I. Kirzner and his analysis of the role of the entrepreneur who coordinates products and need).However, Bastiat in his eagerness to blunt the socialist criticism of private property, was on a wrong fast in making the prediction that the area of property and value will decrease with the progress in civilization, since the efforts will be smaller and smaller, and the action of Nature will play a larger and larger role. Errare humanum Le talent scientifique de Bastiat s’exprime et s’apprécie dans Les Harmonjes Economiques, oeuvre posthume et injustement méconnue.En 1850, sa théorie de la valeur est d’avant garde. Bastiat réfute les conceptions courantes à l’époque qui rattachent la valeur aux caractéristiques d’un produit, qu’elles soient le travail requis (Smith, Ricardo), ou l’utilité (Say) ou la rareté (Senior). Pour lui la valeur naît de la comparaison subjective entre services échangés par deux individus. “Les services s’échangent contre des services”. L’échange est luimême le résultat d’un “effort”, c’est-àdire d’une action humaine tendant à rapprocher besoins à satisfaire et moyens de les satisfaire. Ainsi Bastiat annonce-t-il à la fois les nouvelles approches de la rationalité du consommateur (Becker, Lancaster) et la théorie de la création entrepreneuriale et de la subjectivité des Autrichiens (Kirzner).Bastiat a été moins heureux dans sa prospective : pour répondre aux socialistes révoltés par la propriété privée, il diagnostique que le progrès de la civilisation, grâce au génie de l’homme, nous conduira vers moins d’efforts et d’échanges, donc moins de propriété, et plus de dons gratuits offerts par la nature, plus de communauté. Il se jugeait lui-même : Errare humanum... http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal des Économistes et des Études Humaines de Gruyter

To Err is Human: Bastiat on Value and Progress

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Publisher
de Gruyter
Copyright
Copyright © 2001 by the
ISSN
1145-6396
eISSN
1145-6396
DOI
10.2202/1145-6396.1024
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Abstract

The bulk of Bastiat’s scientific work is contained in Economic Harmonies, a work generally overlooked or underestimated. Thsi paper would contribute to its comprehensive rehabilitation by re-examining and reappraising Bastiat’s theory of value.Bastiat defined value as “the relationship existing between two services that have been exchanged.” He respected the principle of objective or intrinsic value (Smith, Ricardo and Marx), of materiality or durability (Smith), utility (Say, Storch), scarcity (Senior). “Products” have no value if not traded, and the exchange is not between two products (Say) but two services mutually produced, traded and subjectively compared by two persons. The origin of the value is the “effort”, which transforms the gifts of nature, and consists in providing services to others in return for services desired.Bastiat’s criticism of Smith and Say anticipated recent developments in contemporary economics. By stressing the importance of services rather that of products, he laid the groundwork for a new approach to consumer theory (Becker, Lancaster). By abandoning the reference to production and concentrating on exchange, he has been joined by some Austrian Economists (especially I. Kirzner and his analysis of the role of the entrepreneur who coordinates products and need).However, Bastiat in his eagerness to blunt the socialist criticism of private property, was on a wrong fast in making the prediction that the area of property and value will decrease with the progress in civilization, since the efforts will be smaller and smaller, and the action of Nature will play a larger and larger role. Errare humanum Le talent scientifique de Bastiat s’exprime et s’apprécie dans Les Harmonjes Economiques, oeuvre posthume et injustement méconnue.En 1850, sa théorie de la valeur est d’avant garde. Bastiat réfute les conceptions courantes à l’époque qui rattachent la valeur aux caractéristiques d’un produit, qu’elles soient le travail requis (Smith, Ricardo), ou l’utilité (Say) ou la rareté (Senior). Pour lui la valeur naît de la comparaison subjective entre services échangés par deux individus. “Les services s’échangent contre des services”. L’échange est luimême le résultat d’un “effort”, c’est-àdire d’une action humaine tendant à rapprocher besoins à satisfaire et moyens de les satisfaire. Ainsi Bastiat annonce-t-il à la fois les nouvelles approches de la rationalité du consommateur (Becker, Lancaster) et la théorie de la création entrepreneuriale et de la subjectivité des Autrichiens (Kirzner).Bastiat a été moins heureux dans sa prospective : pour répondre aux socialistes révoltés par la propriété privée, il diagnostique que le progrès de la civilisation, grâce au génie de l’homme, nous conduira vers moins d’efforts et d’échanges, donc moins de propriété, et plus de dons gratuits offerts par la nature, plus de communauté. Il se jugeait lui-même : Errare humanum...

Journal

Journal des Économistes et des Études Humaines – de Gruyter

Published: Jun 1, 2001

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