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Synopsis
Excerpt from Value and Its Measurement: A Dissertation
Malthus, like Adam Smith, looked upon exchange value as a token of' subjective estimation, and sought for a standard by which the value of commodity (e. G. The monetary unit) at different times and places could be measured and compared. The command over labor, of which the ordinary agricultural labor should 'be the unit, was considered the most exact standard.
Ricardo, on the other hand, disregarded the subjective nature of value and directed his efforts to the explanation of the relative values of commodities. On the ground that commodi ties tend to exchange on the basis of the amounts of labor which they embody, Ricardo took the labor necessary for the production of a commodity as the foundation and therefore the measure of its value. Just what Ricardo meant by measure of value is by no means clear; but his position toward the value problem prevailed among English economists, and soon led to the ratio concept as set forth by Mill and his followers, who declared values to be entirely relative to each other, and a general rise or a general fall in values, therefore, to be logically impossible. To speak Simply of the value of an ounce of gold, says Jevons, is as absurd as to speak of the ratio of the number seventeen. Mill seems to have been more acute than the most of his followers when from his definition of value he deduces2 the fact that a measure of exchange value is impossible.
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- PublisherForgotten Books
- Publication date2017
- ISBN 10 1528195590
- ISBN 13 9781528195591
- BindingPaperback
- LanguageEnglish
- Number of pages30
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Value and Its Measurement: A Dissertation (Classic Reprint)
Print on DemandSeller: Forgotten Books, London, United Kingdom
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Paperback. Condition: New. Print on Demand. This insightful volume delves into the nature of value, a concept of paramount importance in economic theory. Moving beyond the ratio concept that has dominated economic thought for so long, the author reintroduces the subjective and absolute elements of value. Inspired by the Austrian economists, the author argues that value is not simply a relationship between commodities but an expression of their importance for satisfying human wants. The author also grapples with the challenge of establishing a unit of value, exploring both utility-based and cost-based methods. The result is a comprehensive analysis of value, offering valuable insights for economists, policymakers, and anyone interested in understanding the fundamental principles of economics. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Seller Inventory # 9781528195591_0
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