A Lecture on the Notion of Value as Distinguishable Not Only From Utility, but Also From Value in Exchange: Delivered Before the University of Oxford, in Michaelmas Term 1833 (Classic Reprint) - Softcover

William Forster Lloyd

 
9780282616625: A Lecture on the Notion of Value as Distinguishable Not Only From Utility, but Also From Value in Exchange: Delivered Before the University of Oxford, in Michaelmas Term 1833 (Classic Reprint)

Synopsis

This book sets out to scrutinize the term 'value' in economics, distinguishing two distinct meanings: absolute value and exchangeable value. The author probes beyond the mere relation of objects to each other, exploring what gives an object its inherent importance to its possessor, arguing that such 'absolute value' is not fixed but rather depends on the intensity of human wants. The author deftly contrasts this concept with 'exchangeable value', which he presents as a relative measure between different goods. Ultimately, the book sheds light on the often ambiguous nature of 'value', a term that permeates our economic landscape.

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