The Alphabet of Economic Science: Part I, Elements of the Theory of Value or Worth (Classic Reprint) - Hardcover

Philip H. Wicksteed

Hardcover

ISBN 10: 0331619350 ISBN 13: 9780331619355

Publisher: Forgotten Books, 2017

Synopsis

How value is measured and why money acts as a standard of choice.

This book explores how people compare desires, weigh costs, and decide what things are worth in everyday life and markets. It shows how a single standard—money—helps people balance many different wants.

In clear terms, the discussion covers how total usefulness builds up from small satisfactions, how marginal effects guide decisions, and how exchange creates a steady balance among diverse desires. It also explains why money works as a practical stand-in for value, while reminding readers that a true equivalence of effort is not always possible.

• See how marginal utility shapes everyday choices and how desires are compared across different goods.
• Learn why the total value of a commodity changes as more or less is consumed.
• Understand the role of exchange in reaching equilibrium within a community of buyers and sellers.
• Explore the idea of money as a standard that converts diverse services into a common scale of value.

Ideal for readers of early economic theory and those curious about how value, utility, and money intertwine in market life.

Edition details

• Publisher: Forgotten Books
• Publication date: 2017
• Language: English
• ISBN 10: 0331619350
• ISBN 13: 9780331619355
• Binding: Hardcover
• Number of pages: 187