Economics of the Hour (Classic Reprint)

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Excerpt from Economics of the HourPeople are apt to use value as though it were the same as usefulness.' Exchange value means not only usefulness, but the quality of being exchangeable the quality which makes people willing to give something in exchange for an object. If men would only keep a clear understanding in their minds of what exchange value is, and how it arises, they would find economics very greatly simplified, and we should see very many paradoxes and false theories now ¿ourishing wither away. It is often asserted that exchange value belongs to a material Object merely because it has had labour expended on it, and we are even assured that labour is the sole cause of value, and therefore of wealth. It is, indeed, on the assertion that the sole cause of value is labour that the whole of modern Socialism was built up by Marx. Though some of the modern Socialists declare that they do not hold with the Marxian definition of value in this absolute form, they in fact still base their theories upon it. A moment's thought will Show how untrue is this definition.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.