Ricerc@Sapienza

For some heterodox economics schools values are different from prices, while others regard such
distinction as metaphysical. This difference of approach is related to different opinions on what
function(s) the price system takes on in a capitalist economy. By discussing these different functions
(allocative, distributive, and informative), this chapter shows that price and value theory
holds analytical centrality in all economic paradigms, both heterodox and mainstream, to the
point of defining contemporary heterodox (and thus orthodox) economics.