An Introduction to the Theory of Value
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About this book
An Introduction to the Theory of Value, by William Smart, is written on the lines of Menger, Wieser, and Böhm-Bawerk. Chapter V, on the marginal utility, says that value is a higher, more intimate, more limited relation than the general relation of utility, in which all goods stand to human wellbeing.
An illustration supposes Crusoe to be reduced to the one sack, so that losing it means death to him and the marginal utility and the highest utility are one. The text says that the greater our need, the less the resistance, and that in cases of extreme need the resistance disappears altogether. The text says that those who speak of diamonds having no use-value, and of food as having infinite use-value, must be drawing their ideas, not from the life of men but from the life of cattle.
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Book facts
- Author
- William Smart
- Pages
- 65
- Language
- English
- Genre
- Educational
- Formats
- PDF, EPUB, Read online