An Introduction to the Theory of Value on the Lines of - download pdf or read online

By William Smart

This Elibron Classics booklet is a facsimile reprint of a 1891 version by way 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

Some ; elements. way in Consequently there is a difference in the which goods give off their use, and the marginal utility Thus the selves is is first that not always perfectly obvious. warning we require to take to our- we must make sure what really is the In the illustration of last chapter good we are valuing. it was the sack of corn, not the individual grains of corn ; to say, a group of homogeneous elements considered and valued as a whole. Obviously this is it was, that is a very different kind of good from, say, a horse or a As durable goods these, economically, are a piano.

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.

Two very notable circumstances connected One is that they are limited. More meat than the organism requires clogs the wheels of life more than a certain amount of clothes is a burden, and ; so on. The other is that these fundamental and limited wants are precisely the ones for which nature makes the most abundant provision. There must be many millions of people who have never known what hunger except by hearsay, nor imagined the torturing cold of a night on the street. But, on this simple and, so far, measurable basis of is necessary and limited wants, we rear a superstructure of another kind of want.

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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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