Subject
Value Books
Best books
Benjamin M. (Benjamin McAlester) Anderson
Social Value: A Study in Economic Theory, Critical and Constructive
"Social Value: A Study in Economic Theory, Critical and Constructive" by B. M. Anderson, Jr. is a scholarly work in economic theory written in the early 20th century. The text delves into the concept of social value, its criticism, and a constructive approach to developing a valid theory of value that serves both economic analysis and social understanding. The book emerges from contemporary debates within economics, reflecting the author's academic background and intellectual discourse at the time, particularly influenced by previous economists like Professor J. B. Clark. The opening of the work establishes the context for discussing the increasingly significant notion of "social value." It acknowledges the foundational contributions of J. B. Clark while setting the stage for a critique of existing theories that conflate individual and social values. The introduction outlines the author's position that current concepts of social marginal utility and social cost are inadequate, necessitating a deeper exploration of the relationship between individual values and social constructs. Anderson emphasizes the need to address the logical requirements of value in order to reconstruct economic theory based on sound epistemological and sociological foundations.
T. R. (Thomas Robert) Malthus
The Measure of Value Stated and Illustrated With an Application of it to the Alterations in the Value of the English Currency since 1790
"The Measure of Value Stated and Illustrated" by T. R. Malthus is a scientific publication written in the early 19th century. This work explores the concepts of value, particularly focusing on the relationship between the value of goods and currency in the context of economic theory. It aims to establish a measure of value that can accurately reflect the worth of commodities amid varying economic conditions. In the book, Malthus delves into the two principal meanings of value: "value in use" and "value in exchange." He argues that a reliable measure of value is crucial for understanding economic dynamics, specifically in evaluating wages, salaries, and overall purchasing power across time and different regions. Malthus highlights the roles of labor and profits in determining the natural prices of commodities, and discusses how changes in profits and the state of demand and supply impact commodity values. The work ultimately seeks to articulate a method for calculating the absolute and relative value of goods, emphasizing the necessity of using labor as a yardstick for economic assessment.
William Smart
An introduction to the theory of value : $b On the lines of Menger, Weiser, and Böhm-Bawerk
"An introduction to the theory of value : On the lines of Menger, Weiser, and…." by William Smart is an introductory economics treatise written in the late 19th century. It lays out the Austrian School’s view that value is rooted in subjective judgments of utility and scarcity, showing how personal valuations, not inherent properties of goods, give rise to prices. Smart’s aim is to translate and clarify the ideas of Menger, Wieser, and Böhm-Bawerk for English readers, stressing marginal utility, the demand side of value, and the bridge from personal appraisals to market prices. It will appeal to readers seeking a clear, student-friendly foundation in value and price theory. The opening of this treatise frames the work through brief prefaces and a roadmap of chapters, then defines value with care: distinguishing subjective (personal) value from objective (capacity-based) measures, and criticizing the old “use value vs. exchange value” division. It argues that utility is broader than value and that value appears when a want is felt to depend on a specific good, introducing marginal utility via vivid cases (the sailor’s biscuits, Crusoe’s corn) to explain why scarcity and the last satisfied want set value. Subsequent sections handle complications (durable vs. perishable goods, groups of “complementary goods,” capitalized value), clarify “foreign” or indirect valuations when losses are shifted, and show how usefulness and scarcity jointly set the marginal level. The text then separates subjective from objective exchange value, explains money’s role as anticipated use value, and moves to price formation under competition, deriving market price from the meeting of many subjective valuations—the marginal pair of buyers and sellers that sets the going rate.
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