Template-type: ReDIF-Article 1.0
Author-Name: Katarzyna Appelt
Author-Email: katarzyna.appelt@ue.poznan.pl
Author-Workplace-Name: University of Poznan
Title: Is utility a measure of commodity value? On two different approaches to the subjective theory of value
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.
Classification-JEL: B13, D46, E13, E14
Keywords: theory of value, marginal revolution, utility, total utility, final degree of utility, human need, economic good, William Stanley Jevons, Carl Menger
Pages: 27-30
Number: 01
Volume: 17
Year: 2021
File-URL: http://tmp.gtk.uni-miskolc.hu/volumes/2021/01/TMP_2021_01_03.pdf
File-Format: application/pdf
Handle: RePEc:mic:tmpjrn:v:17:y:2021:i:01:p:27-30