An Introduction to the Theory of Value: On the Lines of Menger, Wieser, and Bohm-Bawerk (Classic Reprint)

William Smart

ISBN 10: 1440092540 / ISBN 13: 9781440092541

Published by Forgotten Books, 2010

About this Item

102 pages. 9.00x6.00x0.23 inches. This item is printed on demand.

Seller Inventory # zk1440092540

Bibliographic Details

• Title: An Introduction to the Theory of Value: On the Lines of Menger, Wieser, and Bohm-Bawerk (Classic Reprint)
• Publisher: Forgotten Books
• Publication Date: 2010
• Language: English
• ISBN 10: 1440092540
• ISBN 13: 9781440092541
• Binding: Paperback
• Condition: Brand New

About this title

Synopsis

This book delves into the fundamental economic concept of value, exploring its nature, origins, and the factors that influence it. The author challenges traditional economic thought, particularly the distinction between "value in use" and "value in exchange" popularized by Adam Smith. Instead, the focus is placed on the subjective nature of value, emphasizing how individual wants and needs, coupled with the scarcity of goods, determine the worth we assign to things. The exploration of value extends beyond mere material possessions, encompassing a wide range of human desires and motivations. The book delves into the psychological aspects of valuation, examining how our perceptions and judgments shape our economic decisions. The concept of "marginal utility" is introduced, explaining how the value of a good is determined by its importance in satisfying our least urgent want. By unraveling the complexities of value, this book provides a deeper understanding of human behavior in the economic realm. It challenges readers to reconsider their own perceptions of worth and to appreciate the intricate interplay between individual desires and the market forces that shape our economic lives.