Some Readings In Economics; Prepared For The Use Of Students In Course I, Political Economy…

Paperback | January 31, 2012

byFred Manville Taylor

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907. Excerpt: ... READING XVII. THE DETERMINATION OF SUBJECTIVE VALUE BY MARGINAL UTILITY. It is probable that marginal utility has been somewhat overworked in recent economic literature, particularly by writers of the Austrian School. Still there can be no doubt that this concept must play a considerable part in explaining certain cases of value. The student, therefore, can not afford to neglect it. One of the best expositions of the process whereby this factor would determine value in an ideally simple case is to be found in the following from Boehm-Bawerk. In asking what is the principle that regulates the amount of value, we pass to a sphere where lies the chief task of a theory of value, and where at the same time lie its greatest difficulties. These difficulties are the result of a peculiar coincidence of circumstances. From one point of view the true principle almost suggests itself. If the value of a good is its importance to human wellbeing, and if the "importance" means that some portion of our wellbeing is dependent on our having the good, it is clear that the amount of the good's value must be determined by the amount of wellbeing which depends on it. Goods will have high value if our wellbeing depends on them to any important extent, low value if it does not. But from another point of view, there are certain facts in the economical world which seem to give the lie to this very simple and natural explanation. Everybody knows that, in practical economic life, precious stones possess a Boehm-Bawerk--Positive Theory of Capital, (1888). Translation published by Macmillan & Co. 1891. Book III, Chapters III and IV. high value, while bread and iron have a moderate value, and air and water usually no value at all. Now everybody knows that without air and water we simp...

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907. Excerpt: ... READING XVII. THE DETERMINATION OF SUBJECTIVE VALUE BY MARGINAL UTILITY. It is probable that marginal utility has been somewha...

Format:PaperbackDimensions:74 pages, 9.69 × 7.44 × 0.15 inPublished:January 31, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0217794890

ISBN - 13:9780217794893

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