Is utility a measure of commodity value? On two different approaches to the subjective theory of value

Katarzyna Appelt ()
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Katarzyna Appelt: University of Poznan

Theory Methodology Practice (TMP), 2021, vol. 17, issue 01, 27-30

Abstract: 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.

Keywords: theory of value; marginal revolution; utility; total utility; final degree of utility; human need; economic good; William Stanley Jevons; Carl Menger (search for similar items in EconPapers)
JEL-codes: B13 D46 E13 E14 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:mic:tmpjrn:v:17:y:2021:i:01:p:27-30

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