CHAPTER III. Value and Marginal Utility

VALUE AND MARGINAL UTILITY

Individualistic method of Jevons and the Austrians--Such a method, applied to value problem in concrete social life, yields, not quantities of value, but rather, particular ratios between such quantities--Value cannot be identified with marginal utility of a good to a marginal individual, even though we assume the commensurability and homogeneity of human emotions--Clark's Law 28