Is utility a measure of commodity value? On two different approaches to the subjective theory of value
This paper reviews two theories of utility. In Jevons’ theory, utility denotes an abstract quality of a commodity and value is derived from the knowledge of the utility of a commodity. Menger, however, argued that the concept of value cannot be associated with the fact that things are useful. Goods themselves are worthless unless a human assigns value to them. It is shown that utility as a measure of commodity value is a vague concept.
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2019 ◽
Vol 74
(1)
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pp. 64-80
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2009 ◽
Vol 3
(4)
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pp. 1246
Keyword(s):
Keyword(s):