December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
Theories of value
KEY THINKER
Adam Smith (1723–90)
BEFORE
1691 English philosopher John Locke connects a commodity’s value to its utility (the satisfaction it affords).
1737 Swiss mathematician Daniel Bernoulli poses the “St Petersburg Paradox,” examining how players can evaluate options involving chance. The paradox is resolved by applying the concept of marginal utility.
AFTER
1889 Austrian economist Eugen von Böhm-Bawerk develops the subjective theory of value (the value of an object depends on a person’s needs rather than the object itself), using the idea of marginal utilities.
In 1769, Anne-Robert-Jacques Turgot noted that despite ...
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