by Schwiedland
[Title Page and Publication Information]: Title page and publication details for Eugen Schwiedland's work on value and price, noting its inclusion in his broader series on political economy. [The Nature and Subjectivity of Economic Value]: Schwiedland defines value as a subjective psychological phenomenon rooted in human dependency on external goods. He explores the relationship between utility and scarcity, citing Adam Smith on market competition during shortages and referencing Friedrich von Wieser on the pressure of inadequate supply. The section establishes that economic activity arises from the tension between human desires and limited resources. [Marginal Value and the Critique of Marginal Utility]: This section examines the 'Austrian' theory of value, specifically the concepts of marginal value (Grenzwert) and marginal utility (Grenznutzen). Schwiedland critiques the term 'marginal utility' as too metaphysical, preferring 'marginal value' to describe the consciousness of dependency on the last available unit of a good. He references Menger, Böhm-Bawerk, and Jevons while arguing that value is entirely subjective and distinct from objective utility or success. [Distinctions in Value: Use-Value vs. Exchange-Value]: Schwiedland deconstructs the traditional division between use-value and exchange-value, arguing that exchange-value is merely use-value for others. He critiques Adam Smith's followers for confusing exchange-value with price, maintaining that value remains a psychological feeling of importance while price is the actual objective compensation (money or goods) exchanged in a transaction. [Price Theory and the Laws of Exchange]: The author details the mechanics of price formation, defining price as a factual counter-performance. He rejects the idea of fixed exchange ratios based on labor or production costs, arguing instead that exchange occurs because of differing subjective valuations. He introduces laws of price, explaining how the value of a good relates to its price and how changes in the value of one side of an exchange affect the perceived value of the other (relativity of price). [The Laws of Value and Economic Behavior]: Schwiedland formalizes the 'Laws of Value,' stating that value is directly proportional to utility and scarcity and inversely proportional to available quantity. He explores the psychological roots of economic behavior, describing it as a process of adapting the external world to human needs. He cites Max Scheler to emphasize that values are 'shadow images of our desiring and feeling,' though they are often projected onto objective objects. [Supply, Demand, and Market Dynamics]: A comprehensive analysis of the 'Law of Supply and Demand.' Schwiedland explains how price movements are driven by the competition between buyers or sellers. He describes secondary market effects where price changes influence future expectations, leading to speculation. He also touches on the role of production costs, state intervention (price ceilings), and monetary policy in shaping market outcomes, concluding that while general foundations are understandable, a perfect universal price theory is elusive due to the complexity of human motives. [Table of Contents / Summary Index]: A brief thematic index or table of contents providing page references for the major topics covered in the text, from value concepts to price laws.
Title page and publication details for Eugen Schwiedland's work on value and price, noting its inclusion in his broader series on political economy.
Read full textSchwiedland defines value as a subjective psychological phenomenon rooted in human dependency on external goods. He explores the relationship between utility and scarcity, citing Adam Smith on market competition during shortages and referencing Friedrich von Wieser on the pressure of inadequate supply. The section establishes that economic activity arises from the tension between human desires and limited resources.
Read full textThis section examines the 'Austrian' theory of value, specifically the concepts of marginal value (Grenzwert) and marginal utility (Grenznutzen). Schwiedland critiques the term 'marginal utility' as too metaphysical, preferring 'marginal value' to describe the consciousness of dependency on the last available unit of a good. He references Menger, Böhm-Bawerk, and Jevons while arguing that value is entirely subjective and distinct from objective utility or success.
Read full textSchwiedland deconstructs the traditional division between use-value and exchange-value, arguing that exchange-value is merely use-value for others. He critiques Adam Smith's followers for confusing exchange-value with price, maintaining that value remains a psychological feeling of importance while price is the actual objective compensation (money or goods) exchanged in a transaction.
Read full textThe author details the mechanics of price formation, defining price as a factual counter-performance. He rejects the idea of fixed exchange ratios based on labor or production costs, arguing instead that exchange occurs because of differing subjective valuations. He introduces laws of price, explaining how the value of a good relates to its price and how changes in the value of one side of an exchange affect the perceived value of the other (relativity of price).
Read full textSchwiedland formalizes the 'Laws of Value,' stating that value is directly proportional to utility and scarcity and inversely proportional to available quantity. He explores the psychological roots of economic behavior, describing it as a process of adapting the external world to human needs. He cites Max Scheler to emphasize that values are 'shadow images of our desiring and feeling,' though they are often projected onto objective objects.
Read full textA comprehensive analysis of the 'Law of Supply and Demand.' Schwiedland explains how price movements are driven by the competition between buyers or sellers. He describes secondary market effects where price changes influence future expectations, leading to speculation. He also touches on the role of production costs, state intervention (price ceilings), and monetary policy in shaping market outcomes, concluding that while general foundations are understandable, a perfect universal price theory is elusive due to the complexity of human motives.
Read full textA brief thematic index or table of contents providing page references for the major topics covered in the text, from value concepts to price laws.
Read full text