Synopses & Reviews
Synopsis
Excerpt from The Service Theory of Value
Two products will be regarded as having equivalent value when the price-resistance attendant upon the pro duction of each is equivalent, absolutely regardless of their respective utility. So, too, will they be regarded as having equivalent value when in the acquisition of each through exchange, the same price-resistance must be surmounted or the same compensatory service ren dered.
While it is undoubtedly true that the individual regards two products as having the same value when the cost-discomfort to him attendant upon the produc tion of each is the same in degree, yet, owing to theunequal opportunities and instrumentalities of men, to gether with their different degrees of physical power and productive intelligence, the cost-discomfort attendant upon surmounting the same price-resistance will vary, and is therefore a less equitable basis of exchange than price-resistance.
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