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Marginal Utility and Marginal Disutility as Ultimate Standards of Value

Charles E. Persons
The Quarterly Journal of Economics
Vol. 27, No. 4 (Aug., 1913), pp. 547-578
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/1883442
Page Count: 32
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Abstract

The current theory of value fails to the account of inequality, 547.--Value as a "ratio in exchange" to be qualified, 549.--Utility as the ultimate standard of value, 552.--Disutility as the ultimate standard; labor, 557.--The sacrifices of capitalists, 560.--The valuation of services, 462.--Non-competing groups, 569.--Conclusion: The ultimate standard of value does not exist in a modern society, 575.