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By William Smart

This Elibron Classics booklet is a facsimile reprint of a 1891 variation through Macmillan and Co., London and big apple.

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

Sample text

Ance till next harvest. He disposes of the sacks, according to the scale of his wants, in the following One sack he destines for his daily allowance of way. bread. the like. Another he devotes to cakes, puddings, and He cannot use more than these in farina- ceous food, so he devotes a third to feeding poultry, and a fourth to the manufacture of a coarse spirit. With these four sacks, we shall say, he is able to wants that occur to him as capable of being directly satisfied by corn, and, having no more pressing use for the fifth sack, he employs it in feeding dogs and cats and other domestic animals whose comsatisfy all the pany is a solace to his lonely life.

The above formula is quite familiar in ordinary exchange where, as we shall see on p. 49, purely subjective valuations and levelled by social and commercial valuations. have been corrected If stocks of entirely similar articles are sold openly in a market, the calculation of the units of stock x last price obtained per unit. total value is ; But, if we were to represent the decreasing (subjective) values, as we should be apt to do, by the figures, per sack, of 5, 4, 3, 2, 1, we should conclude that the value of a stock of one sack and that of a stock of five sacks is the "same (5 = 5x1).

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. THUS far ; owing to the infinite subjective differences in man on the one hand, and the effect of provision on the dependence of want on the other, every man's scale is In other words, different from every other man's.

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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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