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Is utility a measure of commodity value? On two different approaches to the subjective theory of value

Author

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  • Katarzyna Appelt

    (University of Poznan)

Abstract

This paper reviews two theories of utility. In Jevons’ theory, utility denotes an abstract quality of a commodity and value is derived from the knowledge of the utility of a commodity. Menger, however, argued that the concept of value cannot be associated with the fact that things are useful. Goods themselves are worthless unless a human assigns value to them. It is shown that utility as a measure of commodity value is a vague concept.

Suggested Citation

  • Katarzyna Appelt, 2021. "Is utility a measure of commodity value? On two different approaches to the subjective theory of value," Theory Methodology Practice (TMP), Faculty of Economics, University of Miskolc, vol. 17(01), pages 27-30.
    • Handle: RePEc:mic:tmpjrn:v:17:y:2021:i:01:p:27-30
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    File URL: http://tmp.gtk.uni-miskolc.hu/volumes/2021/01/TMP_2021_01_03.pdf
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    More about this item

    Keywords

    theory of value; marginal revolution; utility; total utility; final degree of utility; human need; economic good; William Stanley Jevons; Carl Menger;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • E14 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Austrian; Evolutionary; Institutional

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