William Smart's An Introduction to the Theory of Value on the Lines of PDF

By William Smart

This Elibron Classics e-book is a facsimile reprint of a 1891 version by means of Macmillan and Co., London and big apple.

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Additional info for An Introduction to the Theory of Value on the Lines of Menger, Wieser, and Böhm-Bawerk

Example text

SUBJECTIVE EXCHANGE VALUE via 47 used for bread or for seed, and just as the value of the grain is determined by calculations of marginal utility which take both these into account as possible uses, so has every good, subjectively considered, a use value and an exchange value, and the total subjective value is calculated on the consideration of both of these as possible uses of the good. On the other side, there no doubt that the analysis and objective is subtle, two distinct. The real difference may be most easily seen by an illustration.

The first year's output is 100, the second (at an less its fifty %) will now be worth only 95'23, the third, 90'70, and so on. Adding these together we obtain a sum which is very much less than 100 interest rate of 5 X 50, and we express it conveniently if somewhat by saying that the capital value is so misleadingly In other years' purchase of the annual rent. of a durable the to determine words, marginal utility of on a calculation the involves present goods agio good many as against future. 1 We must guard against an easy misunderstandand indeed of the Lowest Use Most goods permit of two or more whole theory.

Some ; elements. way in Consequently there is a difference in the which goods give off their use, and the marginal utility Thus the selves is is first that not always perfectly obvious. warning we require to take to our- we must make sure what really is the In the illustration of last chapter good we are valuing. it was the sack of corn, not the individual grains of corn ; to say, a group of homogeneous elements considered and valued as a whole. Obviously this is it was, that is a very different kind of good from, say, a horse or a As durable goods these, economically, are a piano.

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An Introduction to the Theory of Value on the Lines of Menger, Wieser, and Böhm-Bawerk by William Smart


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