Marginal Utility and Value (Classic Reprint) - Brossura

Macvane, S. M.

Brossura

ISBN 10: 1332021743 ISBN 13: 9781332021741

Casa editrice: Forgotten Books, 2019

Riassunto

Excerpt from Marginal Utility and Value

Every capitalist must in his own interest adapt his business to the general conditions of the market, if he wants it to maintain itself profitably. So far as he resorts to means of production th at have other applications as well, he finds that they have a given value. He must pay for them, and the value of the goods he produces must replace this expenditure. In this sense, he has to adapt the value of the commodities to the value of the means of production. Thus originates the conception of cost. Cost consists in means of produc tion having manifold applications, like iron, coal, and common labor, which, even when they are employed in the production of a single commodity, are still estimated according to the value they have in all their applications. The hundreds and thousands of different kinds of materials and tools prepared for production are counted, weighed, and measured according to the utility which they are to create, and in view of their importance most jealously guarded by their pos sessors. In the same way, the different kinds of labor are assorted according to the utility expected from them, and arranged according to a classification which differs essentially from that which would result if the effort involved should be taken into consideration. The unlimited possession of useful productive materials and forces forms the basis of the economic confidence of modern society. Since each productive process diminishes this possession, it costs, and it costs exactly as much as the value which the material and labor required would have produced if rationally applied. (p.

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Dettagli dell'edizione

• Editore: Forgotten Books
• Data di pubblicazione: 2019
• Lingua: Inglese
• ISBN 10: 1332021743
• ISBN 13: 9781332021741
• Rilegatura: Copertina flessibile
• Numero di pagine: 40
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