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By William Smart

This Elibron Classics publication is a facsimile reprint of a 1891 version by means 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

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.

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. Consciously or unconsciously every man whose means or wealth or resources are more limited than his wants and this is, practically, the case with THE SCALE OF VALUE iv human beings generally mind when he arranges 23 has a scale of wants in his these means.

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.

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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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