Social Value Benjamin McAlester Anderson

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Published: February 28th 2008

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236 pages


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Social Value  by  Benjamin McAlester Anderson

Social Value by Benjamin McAlester Anderson
February 28th 2008 | Kindle Edition | PDF, EPUB, FB2, DjVu, AUDIO, mp3, ZIP | 236 pages | ISBN: | 5.16 Mb

From Content: THE following study is the outgrowth of investigations in the Quantity Theory of money, carried on in the seminar of Professor Jesse E. Pope, at the University of Missouri, during the term 1904-5. That a satisfactory general theoryMoreFrom Content: THE following study is the outgrowth of investigations in the Quantity Theory of money, carried on in the seminar of Professor Jesse E.

Pope, at the University of Missouri, during the term 1904-5. That a satisfactory general theory of value must underlie any adequate treatment of the problem of the value of money, and that there is little agreement among monetary theorists concerning the general theory of value, became very evident in the course of this investigation- and that the present writers conception of value, as expressed in a paper written at that time on the Quantity Theory, was not satisfactory, became painfully clear after Professor Popes kindly but fundamental criticisms.

The problem of value, laid aside for a time, forced itself upon me in the course of my teaching: my students seemed to understand the treatment of value in the text-books used quite clearly, but I could never convince myself that I understood it, and the conviction grew upon me that the value problem really remained unsolved. Hence the present book.

It was begun in Dean Kinleys seminar, at the University of Illinois, in the term 1909-10. The first three parts, in substantially their present form, and an outline sketch of the germ idea of the fourth part, were submitted, in May of 1910, in the Hart, Schaffner & Marx. This conception is a bold one. It has, moreover, never been adequately developed or criticized. Its friends have found it a convenient and useful working hypothesis, and Professor Clark, especially, has built a great system upon it, but, with the exception of an article in the Yale Review of 1892,[8] has made no serious efforts, either to make clear its full meaning, or to vindicate it except that, of course, his whole system may be considered such a vindication.

Professor Seligman, in an article in the Quarterly Journal of Economics, Vol. XV, and also in his Principles of Economics, has espoused the conception, and has shown how, assuming its truth, a great many (6) antagonistic theories may be harmonized- but he, also, has failed to treatit with that detail which full demonstration requires. In particular, he has omitted a treatment of the problem of the relation between the value of a good for the individual and for society, and the relation between individual and social marginal utility.[9] The most searching investigation of the theory has come from unfriendly critics, among whom may be especially named Professor H.

J. Davenport, and Professor J. Schumpeter of Vienna. [10] For the purposes of this discussion, Professor Clark will be considered as the representative of (7) the Social Value School, for the most part, though attention will be givento some of the other writers named as well. It is worth while, consequently, to make clear at this point the relation between Professor Clark and the Austrian School, with which he is sometimes associated by economic writers. His extensive use of the marginal principle, his use of the term, utility, and his deduction of value from utility, seem to place him at one with them.

Professor Clark has pointed out, however, in the preface to the second edition of his Philosophy of Wealth, that his theory is to be distinguished from that of Jevons by the analysis of the part played by society as an organic whole in the valuing processes of the market.



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