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Economic Principles - An Introductory Study (1904) (Hardcover)
Loot Price: R1,312
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Economic Principles - An Introductory Study (1904) (Hardcover)
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Total price: R1,332
Discovery Miles: 13 320
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for free. This is an OCR edition with typos. Excerpt from book:
CHAPTER II DEMAND AND VALUE interest of modern economics centres
about the J problem of value. What are the fundamental causes of
value in commodities ? Why is the value of one commodity great,
that of another small ? How can changes in the value of a commodity
be explained ? The answers to these questions will provide us with
the key to the distribution of wealth among the classes of persons
whose co-operation is necessary for its production. The consumer is
guided in his selection of goods for his use by a consideration of
the values which he finds placed on the different goods that can
serve his ends. His judgment of the comparative relation, of the
serviceability of the goods for those ends, and the values of those
goods, must affect his choice of goods for consumption, if that
choice is made deliberately and intelligently. If it be made as the
result of habit, the habit reflects, in all probability, a
comparison of this kind, either by the consumer himself, or by the
class or community to which he belongs, though the habit may
persist when changes in value, or in the serviceability of
commodities, have created a situation which would no longer justify
the deliberate selection of the goods as means to achieve the ends
in view. The producer, too, is under the control of the values of
commodities. He will desire to direct his efforts so as to realise
as great a value for his produce as possible. In selecting the
goods to produce, and the means of production to be employed,
attention must constantly be given to the amount of value which his
output may be expected to have, and to the amounts of the values of
the goods and services which must be consumed in its production.
With an isolated individual, or self-contained household, the
aspect of value which influences a...
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