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

By William Smart

This Elibron Classics ebook is a facsimile reprint of a 1891 variation by way of Macmillan and Co., London and big apple.

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

Sample text

It perfect competition. those of advantage course, within disregards the changer (buyer or " markets the the one seller) is law of and " exstrong attaches most who importance to the good he wishes to always, of limits but motives all exchange recognised In such respectability. the from get, and the least as we importance to the good he gives in exchange can see from the simple consideration, that the bidder most likely to carry away a picture from a studio is who thinks most of the picture and least of the artist most likely to clear his while money, stock is the one who thinks least of his pictures and most of the money he will get for them.

Dependence, as may and ; 31 measured by the importance of that concrete is least urgent among the wants satisfied. which want find that what determines the value of a good we And good is, is not its greatest utility, nor its average utility, nor conceivable utility, but its marginal utility in the given circumstances. Jevons called this the yet its least We shall follow Wieser literally Last or Final Utility. Simple as this calling it the Marginal Utility. in proposition is, my experience in teaching tells me that For this it is not easily retained so as to be used.

Of goods we " " necessaries Corresponding should consider the wants satisfied by as the most important and in the first rank of ; therefore, we should put goods utilities, necessary to sustain Next would come goods and fulness of life, and thus good as food, clothes, shelter. life, necessary for health food, good clothes, good shelter might be considered in utilities. Lastly, we should put the second rank of goods required for the refinements or for the artificial appetites of life, and corresponding with them we should have music and pictures, liquor, tobacco and so on.

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