Economics Dictionary of ArgumentsHome
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| Value: In economics, value refers to the importance or worth of a good or service, determined by its utility, scarcity, and the willingness of individuals to pay for it. It can be measured as use value (satisfaction derived) or exchange value (worth in trade or market)._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Ludwig von Mises on Value - Dictionary of Arguments
Rothbard III 309 Value/action/economy/Mises/Rothbard: economics. Economics is interested not in value scales professed in response to questionnaires, but in the values implied by real action. As Ludwig von Mises states, with regard to all attempts to separate value scales from action: Mises „... the scale of value is nothing but a constructed tool of thought. The scale of value manifests itself only in real acting; it can be discerned only from the observation of real acting. It is therefore impermissible to contrast it with real acting and to use it as a yardstick for the appraisal of real actions.“(1) Rothbard: Since indifference is not relevant to human action, it follows that two alternatives for choice cannot be ranked equally on an individual's value scale. If they are really ranked equally, then they cannot be alternatives for choice, and are therefore not relevant to action. >Indifference curve/Rothbard, >Action/Rothbard, >Utility/Rothbard, >Marginal utility/Rothbard. Rothbard III 313 Mises: „Value can rightly be spoken of only with regard to specific acts of appraisal. . . . Total value can be spoken of only with reference to a particular instance of an individual . . . having to choose between the total available quantities of certain economic goods. Like every other act of valuation, this is complete in itself. . . . When a stock is valued as a whole, its marginal utility, that is to say, the utility of the last available unit of it, coincides with its total utility, since the total supply is one indivisible quantity.“(2) 1. Ludwig von Mises, Human Action (New Haven, Conn.: Yale University Press, 1949), p. 102 2. Ludwig von Mises, Theory of Money and Credit, New Haven, Conn.: Yale University Press, 1953 and 1957. Reprinted by Liberty Fund, 1995. pp. 46–47. Also see Harro F. Bernardelli, “The End of the Marginal Utility Theory,” Economica, May, 1938, pp. 205–07; and Bernardelli, “A Reply to Mr. Samuelson’s Note,” Economica, February, 1939, pp. 88–89._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
EconMises I Ludwig von Mises Die Gemeinwirtschaft Jena 1922 Rothbard II Murray N. Rothbard Classical Economics. An Austrian Perspective on the History of Economic Thought. Cheltenham, UK: Edward Elgar Publishing. Cheltenham 1995 Rothbard III Murray N. Rothbard Man, Economy and State with Power and Market. Study Edition Auburn, Alabama 1962, 1970, 2009 Rothbard IV Murray N. Rothbard The Essential von Mises Auburn, Alabama 1988 Rothbard V Murray N. Rothbard Power and Market: Government and the Economy Kansas City 1977 |
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