An Introduction to the Theory of Value on the Lines of by William Smart

By William Smart

This Elibron Classics publication is a facsimile reprint of a 1891 version by means of Macmillan and Co., London and long island.

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

Sample text

One at a low rate if he have four, he will ask a higher if he have only one, he will not part with it for price ; ; Extend this to the phenomena of an inany money. dustrial community. The five sacks represent a larger than the four than the three, and so on the four, supply ; and, as the supply decreases, the value of the single sack rises. Now one of the commonest phenomena of a market paribus, increase of supply brings decrease of supply sends it up. To is that, cetcris down value and in terms of our theory When the quantity of the increased, good is put to any good produced lower levels of use the last want supplied determines put it : is ; the last satisfaction mines the value of ; all and this last satisfaction deter- the stock.

Which we can put to of the virtues of a It is one part with it. " that it is never used," good money it is to say, as a metal, but passes from question in satisfaction of debt. , it is clear that the pound note to the working man has just the To use marginal utility which these things have. Wieser's terse expression: The exchange value of money is the anticipated use value of the things it buys. CHAPTER IX FROM SUBJECTIVE TO OBJECTIVE VALUE we have spoken of each mail's wants as on a scale in correspondence with these wants ranged each man attaches degrees of importance to the goods that come within his knowledge and control, and We have seen ranges goods also on a similar scale.

1 How far the theory of Complementary Goods admits of being applied directly to the problem of distribution of product among the various factors is still matter of controversy. Bohm-Bawerk considers that it is the key which will lead to its solution. The line which this Labour and Capital suggests would be something like the following. in proportion as enter into the composition of all productive groups they are abundant and mobile do they enter into competition with all : labour and all capital, and become perfectly replaceable.

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