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Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.
This scarce antiquarian book is a selection from Kessinger Publishing's Legacy Reprint Series. Due to its age, it may contain imperfections such as marks, notations, marginalia and flawed pages. Because we believe this work is culturally important, we have made it available as part of our commitment to protecting, preserving, and promoting the world's literature. Kessinger Publishing is the place to find hundreds of thousands of rare and hard-to-find books with something of interest for everyone!
Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books 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...
Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books 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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