Subjective Theory of Value
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A Subjective Theory of Value is a theory of value for subjective values.
- Context:
- It can range from being an Intra-Subjective Theory of Value to being an Inter-Subjective Theory of Value.
- …
- Counter-Example(s):
- See: Value (Economics), Agent Decision Utility Measure.
References
2014
- (Wikipedia, 2014) ⇒ http://en.wikipedia.org/wiki/Subjective_theory_of_value Retrieved:2014-12-21.
- The subjective theory of value is a theory of value which advances the idea that the value of a good is not determined by any inherent property of the good, nor by the amount of labor required to produce the good, but instead value is determined by the importance an acting individual places on a good for the achievement of their desired ends. [1] [2] This theory is one of the core concepts of the Austrian School of Economics. While the modern version of this theory was discovered independently and nearly simultaneously by William Stanley Jevons, Léon Walras, and Carl Menger in the late 19th century[3] it had in fact been advanced in the Middle Ages and Renaissance but did not gain widespread acceptance at that time. [4]
- ↑ Menger, C. Principles of Economics p. 120 https://www.mises.org/sites/default/files/Principles%20of%20Economics_5.pdf
- ↑ Mises, Ludwig von. "Human Action", 2010, page 96.
- ↑ Stigler, George (1950) 'The Development of Utility Theory. I' The Journal of Political Economy
- ↑ Gordon, David. "An Introduction to Economic Reasoning", 2000.