Topic: value

value in economics, worth of a commodity in terms of other commodities, or in terms of money (see price ). Value depends on both desirability and scarcity. The marginal theory of value, pioneered in the late 19th cent. by Leon Walras , Stanley Jevons , and Carl Menger , has been highly influential in economics. It takes account of both scarcity and desirability by holding that the total value of a good depends on the utility rendered by the last unit consumed. It developed in opposition to David Ricardo 's earlier labor theory of value, which holds that the value of a good derives... Read more