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Publisher's Preface
Photograph of Eugen von Böhm-Bawerk Biographical Sketch of Eugen von Böhm-Bawerk
by Hans F. Sennholz Preface to the First Edition by Hans
F. Sennholz PART AVALUE I. The Two Concepts of Value
2. Value in the Subjective Sense 3. Value in the Objective Sense 4. Difference Between Subjective Value and Objective Value 5. Special Importance of One Kind of Objective Value, viz., Objective Exchange Value 6. More remarks on Subjective Value 7. More Remarks on Objective Exchange Value 8. Double Function of Economic Theory, Genuinely to Explain Subjective Value and Objective Exchange Value 9. Dual Nature of Phenomena of Value 10. Danger From Ambiguity of Terms II. Nature and Origin of Subjective
Value
2. Economizing Man Is Careless of Goods Merely Useful 3. Formal Definition of Value 4. For There to Be Value, Usefulness Must be Paired With Scarcity 5. Economic Goods Versus Free Foods 6. Enigmatic Solution of Many Problems Depends on Exact Ratio Between Need and Supply 7. Insignificance of the Idea of "Abstract Categorical Value" 8. Significance of the Difference Between the Whole Quantity Combined and Every Fractional Part of It 9. More on Abstract Categorical Valuations. Erroneous Identification of Value With Usefulness. III. The Magnitude of Value. The General
Principle. The Law of Marginal Utility.
2. Apparent Paradoxes in Value Determinations 3. Recourse to False Solutions 4. Common Man's Solution is Simple; and, All Paradoxical Solutions Are False 5. Specific Well-Being Depends on Satisfaction of Specific Wants 6. Ranking of Wants, According to Importance 7. Difference Between Ranking Categories of Wants, and Individual Concrete Feelings of Wants 8. Different Results From Graduating Concrete Wants (Rather Than Categories of Wants) 9. At First Fork in Road, the Old Economics Took Wrong Approach 10. Where Crucial Significance of Marginal Utility Begins to Become Apparent 11. Important Phenomenon of Diminishing Utility 12. Perplexing Question: Which of Several Wants Depends on a Good? 13. Answer to Question in Sideheading 12: The Least Important of All Wants Concerned 14. Universal Principle Underlying Economics: Men Will Act (Surrender Satisfactions) According to the Ranking of Their Preferences 15. Summary of the Grand Principle Determining Value 16. Universality of the Significance, and Applicability, of Principle of Marginal Utility 17. Principle of Marginal Utility Illustrated in a Case of Classic Simplicity 18. Solution of Paradoxes of Value and Price That (So-Called) Classical Economics Never Attained 19. To Determine Marginal Utility Two Calculations Must Be Made 20. Simplicity of Marginal Utility Should Not Deceive Anyone Regarding Many Complexities 21. A Big Complication Which Is Not Finally Real 22. Serious Problems Arising From Accidental Cases of Total Utility, But Especially From Purposeful Cases 23. On What the Magnitude of Marginal Utility Depends 24. Difference in Marginal Utility For the Poor and the Rich IV. The Magnitude of the Value Possessed
by Goods Purchasable In Any Desired Quantity
2. Illustration of Final Utility 3. Most Marginal Utility Considerations Tend to Move Toward Final Utility Decisions 4. Important Case When Quick Replacement of Supplies Is Possible 5. While the Concept of Marginal Utility Is Basically Simple, Its Universal Application To All Goods Necessarily Becomes Complex 6. Insufficiency of Goods to Supply Needs Are Universal, and Economic Problems Are Inescapable V. Specific Considerations Affecting
Value Where Alternative Uses Are PossibleUse Value and Subjective
Exchange Value
2. Of Several Marginal Utilities the Highest Is the True One 3. Exclusion of Spurious Marginal Utilities 4. Significant Valuation of a Good Based on Subjective Exchange Value 5. Difference Between Subjective Exchange Value and Objective Exchange Value 6. Basic Distinction, Between Objective Value and Subjective Value, With Further Subdivisions of the Second According To Use and Exchange VI. The Value of Complementary Goods
2. Effect Which the Fact That Goods Are Complementary To Each Other Has on Their Value 3. Marginal Utility When It Is Attained by Utilization in Common 4. Case 1, Infrequent 5. Case 2, More Frequent 6. Case 3, Most Frequent 7. Clarifying Summary for Case 3 8. Value Determination When Several Combination Members Are Irreplaceable 9. Correct Theory of Value of Complementary Goods Will Solve the Problem of the Contribution of Land, Capital and Labor, That Is, What Rent, Profit and Wages Should Be 10. Adumbration of the Acute Problem of "Unearned Income," Also Called Originary Interest, But Designated "Net Interest" VII. Value of Production Goods and of
Goods "Of Higher Orders" Generally. Relation Between Value
and Costs.
2. Making a Completely New Approach to Value of Production Goods, and Hence, Concerning Costs 3. The Idea of Higher Orders of Goods 4. Values in Higher Orders Depend on Their Utility Toward Producing Lower Orders 5. General Principles for Valuing Means of Production 6. Familiar Identity of Costs and Value of Goods Produced Involves Use of an Interpretation Contradictory of What Is Presented Here 7. There Are Random Deviations in Value and Regular Deviations in Value Between Goods of Different Orders, Lower and Higher 8. Egregious Heterogeneity of Production Goods Is According to the Higher Their Order 9. How the Value of a Means of Production Depends on Least Marginal Utility of the Produced Goods 10. A Timesaving Method By Which Costs of Higher Order Goods Rather Than Marginal Utilities Are Used; But the Basic Explanation Is Still (as Always) the Same, viz, Marginal Utility 11. The Idea Under Sideheading No. 10 Is Not a Different Law for Value, Nor an Exception, But Is a "Particular Law" Perfectly Subordinate to the General Law of Marginal Utility VIII. Value and the Onerousness of Work
(Disutility of Labor)
2. Another Presumed Exception (Pertaining to Varieties of Onerousness Of Labor) Is Not Truly an Exception 3. The Advantage Inherent in the Use of a Possible Substitute; Utility Still Determines How Much Onerousness Will Be Assumed IX. Summary
2. Itemized Cases of the Primacy of Utility X. Some Psychological Considerations
Supplementing Our Theory of Value
2. The Popular Definition of Hedonism 3. Böhm-Bawerk's Rejoinder to Any Imputation That His Economics is Tainted With Hedonism 4. The Matter of Nomenclature 5. Böhm-Bawerk Declares Motivations Which His Economics Implements Are, In Any Event, Not Restricted to Hedonism, But Are Broader 6. The Questions of Trespassing Freely, Cautiously, or Not at All, Over the Border Between Economics and Psychology 7. Examples of Economists Dabbling in Psychology, and Border-Raiding in Territory of Economists 8. Along the Economics/Psychology Boundary, Böhm-Bawerk Favors Economists Carefully Trespassing Over the Line B. Degree of Value and Degree of Emotion
10. Examples of Practical Commensuration in Everyday Life 11. Concessions on Commensuration which, However, Do Not Invalidate the Principle 12. Nor Do Erroneous Estimates Themselves Invalidate the Principle
PART BPRICE I. Problems Confronting a Theory of
Price
2. Over-Simplified Premise When Formulating a "Law" of Price, viz., Hypothesis of Self-Benefit in Exchange as Sole Motive 3. Reality Is Otherwise; There Are Numerous Intercrossing Motives for Exchange 4. First Step to Solve Laws of Price Is to Develop the Law of the Basic Phenomenon 5. Most Basic Motive in Exchange Consists of a Quest of a Direct Benefit Through Exchange 6. Böhm-Bawerk Lists Almost a Score of Secondary Factors Affecting Price; Two Approaches: General Law and Individual Cases 7. Two Schools of Economists: (a) General Theorists, Exemplified by English Classicists, and (b) Researchers in Specific Cases, Exemplified by Historical School in Germany 8. Böhm-Bawerk Opts to Follow British Classicists and Considers Price Determination Under the Circumstances That a Man Will Act in a Manner to Accomplish What He Prefers More to What He Prefers Less II. The Basic Law of the Determination
of Price
2. Necessity That There Be Inequality in Exchange 3. Fortunate Prevalence of Inequality of Evaluation 4. The Greater the Inequality, the Greater the Capability to Exchange A. Determination of Price in Isolated Exchange B. Determination of Price With One-Sided Competition
Among Buyers C. Determination of Price With One-Sided Competition
Among Sellers D. Determination of Price With Two-Sided Competition
6. Second Phase of Higgling on Price 7. Four Crucial Questions 8. Question and Answer No. 1 9. Question and Answer No. 2 10. Question and Answer No. 3 11. Question and Answer No. 4 12. Price Is Determined by Subjective Valuations 13. Excluded Competitors Do Not Influence Price Except the Marginal Excluded Pair 14. Neutralizing Effect of Non-Marginal Buyers and Sellers 15. Crucial Price-Determining Pairs 16. Only One Law Determines Price, Not Four 17. Summary of Psychology of What Happens in Price Determination 18. Extreme and Artificial Simplicity of Foregoing Exposition 19. Advance, Step by Step, to Understand Variegated and Complex Situations: Increased Number of Participants Will Reduce Margins Between Prices 20. Consequences of There Being Quantity Buyers With Decreasing Marginal Utility 21. Any One Buyer May Have Different Ranking in Capability to Buy 22. Confession of Basic Preference for Discursive Explanations Rather Than Mathematical Formulae 23. Use of Term, Supply and Demand, Almost as a Meaningless Cliché 24. Final Last-Word Summary of the Law of Price III. The Individual Determinants of
Price
2. Böhm-Bawerk's "Theory of Relativity" As It Pertains to Price Determination 3. Explanation of Price Movements When the Subjective Valuations of Money Decline 4. The Six Price-Determining Factors 5. First Determinant of Buyers: Mere Wishes Are Not Effective Demand 6. Second Determinant of Buyers: A Man Will Buy If the Marginal Utility Exceeds His Lowest Final Utility Among All Extant Demands. His Demand is Not Finally Based on Price, But Utility 7. Third Determinant of Buyers: Varying Marginal Utilities of Rich and Poor, etc. 8. First Determinant of Sellers: Their Number Is as Variable as the Number of Buyers, for Parallel Reasons 9. Second Determinant of Sellers: Sellers Subjective Valuations Are Usually Low, Making the Last Buyer the Significant Personage 10. Third Determinant of Sellers: Varying Marginal Utilities of Sellers, Rich and Poor, etc. 11. Potency of Subjective Exchange Value in Personal Needs Superseded in Many Cases by Objective Exchange Value of Money IV. The Law of Costs
2. To the Contrary, Prices Are Finally Determined Solely by Consumers' Subjective Valuations of Finished Goods 3. Examination of the True Causal Sequence of Prices 4. Resultant Phenomena Which Can Seduce People to Have Erroneous Ideas Regarding "Costs" as Being Determinative of Prices 5. Originary Productive Powers Are Forced Into Use in the Order of Profitability, and Receive Value and Price From the Last of Them. How Profitability and Demand in Lower Orders of Goods Suction-Pump From Higher Orders. 6. There Are Two Factors Delaying Price Adjustments to Changed Circumstances 7. One Factor Consists of "Frictional Obstacles" 8. Second Factor Consists of Lapse of TimeWhich Is the Explanation of "Originary Interest," the Comprehensive Term for the Three Categories of Unearned IncomeProfit, Rent and Also Interest (in Narrow Sense) on Borrowed Money Location of Definitions of New Terms
by Böhm-Bawerk Capital and Interest Contents Pages Supplement IExperiments with Matching
Buy and Sell Orders in Different Ways Supplement IIABC Optimum Price
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