By William Smart
This Elibron Classics booklet is a facsimile reprint of a 1891 variation by way of Macmillan and Co., London and manhattan.
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Additional resources for An Introduction to the Theory of Value on the Lines of Menger, Wieser, and Böhm-Bawerk
A horse, the value of it to may depend on his A for being a country doctor, to B, on his being a hunting man, and to C, on his having a sluggish liver, we could scarcely understand how these different values come to be assessed within a few pounds or shillings of each other, if it were not When we say, for this kind of arbitrage. then, that men who meet changers of different goods put their own as ex- subjective valuations on the articles they bring to market, we must be understood to mean valuations that are not A man's valuamore subjective than man himself is.
Monopoly, does the value of the group shrink if all the members were / monopoly be caused by natural and ; become replaceable, as when first-class land in other countries becomes available through rapid and cheap carriage, or education makes unskilled labour the exception, the group value, as distinct from the combined isolated values, would disappear. Wieser, again, considers that this is no more than a valuable sugWhat guidance, he asks, will this law give where there are gestion. several irreplaceable members, and how is the outside value of replaceto able members given if not in other combinations of complementary goods which in turn require to be split up into their factors ?
Mutton, while the That labourer. of so many of the sheep economic end of labour is is to say, the " footis the " by which butchers, must life economists, as distinguished from measure utility, is the life of a spiritual being for whom and towards whom all economic effort exists. To such a being it is inconceivable that bread should have the highest use value and diamonds none at all. Compared with this purely theoretical scale, let us inquire of facts as to the scale to which men in ordinary life refer goods.
An Introduction to the Theory of Value on the Lines of Menger, Wieser, and Böhm-Bawerk by William Smart