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...
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| Format: | Article |
| Language: | English |
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University of Miskolc
2021-07-01
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| Series: | Theory, Methodology, Practice |
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| Online Access: | https://ojs.uni-miskolc.hu/index.php/tmp/article/view/1782 |
| Summary: | 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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| ISSN: | 1589-3413 2415-9883 |