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By William Smart

This Elibron Classics ebook is a facsimile reprint of a 1891 version by way of Macmillan and Co., London and manhattan.

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Additional resources for An Introduction to the Theory of Value on the Lines of Menger, Wieser, and Böhm-Bawerk

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Monopoly, does the value of the group shrink if all the members were / monopoly be caused by natural and ; become replaceable, as when first-class land in other countries becomes available through rapid and cheap carriage, or education makes unskilled labour the exception, the group value, as distinct from the combined isolated values, would disappear. Wieser, again, considers that this is no more than a valuable sugWhat guidance, he asks, will this law give where there are gestion. several irreplaceable members, and how is the outside value of replaceto able members given if not in other combinations of complementary goods which in turn require to be split up into their factors ?

In former chapters we have seen that the value of a good is determined by the marginal utility which depends on it in the same way this secondary value will be determined by the marginal utility which depends on the things obtained in exchange for the : so, the amount of this exchange on two things (1) on the objective depend or of the goods which determines what value, price, or how many things can be got for them: (2) on the good. This being value will existing state of the owner's : want and provision which THEORY OF VALUE 48 CHAP, vm determines what place the satisfactions, obtainable from the goods got in exchange, have in his scale of living.

Represented by 100, and that roan separately by 50 and 40 is B : A To calculate it from the side of the owner if he has A and B he has a value of 100; if he lose A he has only B, and B separately is the value of ? : What he has lost is the between 40 and 100. Or, from the side of the buyer if he gets B he obtains 40 if he gets A in addition he obtains 100; the value of A, as before, is the difference between 40 and 100. Here, then, A has a different value as complement and as isolated good: in the one case it is worth 60, in the other If we take the case of a well-matched four-in50.

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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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