We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
THE CONCEPT OF VALUE.
- Authors
Clark, J. M.
- Abstract
The article focuses on the concept of value in the context of economic theory. The concept of value is the core of economic thinking, and modern economics is older than American independence, yet the builders of the science are still disputing what value is, or how it shall be conceived. The growing mass of economic regulations in the U.S. and social reforms, the general institutional iconoclasm, are a challenge to the values based on free exchange, and the final answer has not yet been given. Theories of conservation and compulsory insurance may be grafted upon the stem of marginal utility, but they will not grow there spontaneously. They represent clashes of values for which the economist has furnished no adequate common denominator. It is fruitless to claim that these are not economic values but values of some other sort; ethical or otherwise. The same is true of the aesthetic value of a picture or the dietetic value of a roast of beef. The test is that the economist must deal with them. There are questions of social interpretation at issue which are real and important.
- Subjects
UNITED States; VALUE (Economics); SOCIOECONOMICS; ICONOCLASM; MARGINAL utility; ECONOMISTS
- Publication
Quarterly Journal of Economics, 1915, Vol 29, Issue 4, p663
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/1883303