Economical Election

The importance of a satisfaction to us is not the result of an arbitrary decision, but rather is measured by the importance, which is not arbitrary, that the satisfaction has for our lives or for our wellbeing. The relative degrees of importance of different satisfactions and of successive acts of satisfaction are nevertheless matters of judgment on the part of economizing men, and for this reason, their knowledge of these degrees of importance is, in some instances, subject to error.

We saw earlier that the satisfactions on which their lives depend have the highest importance to men, that the satisfactions following next in importance are those on which their well being depends, and that satisfactions on which a higher degree of well-being depends (with equal intensity a longer enduring satisfaction, and with the same duration a more intensive one) have a higher importance to men than those on which a lower degree of their well-being is dependent.

But what has been said by no means excludes the possibility that stupid men may, as a result of their  defective knowledge, sometimes estimate the importance of various satisfactions in a manner contrary to their real importance. Even individuals whose economic activity is conducted rationally, and who therefore certainly endeavor to recognize the true importance of satisfactions in order to gain an accurate foundation for their economic activity, are subject to error. Error is inseparable from all human knowledge. Read the rest of this entry »

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When I discussed the nature of value, I observed that value is nothing inherent in goods and that it is not a property of goods. But neither is value an independent thing. There is no reason why a good may not have value to one economizing individual but no value to another individual under different circumstances. The measure of value is entirely subjective in nature, and for this reason a good can have great value to one economizing individual, little value to another, and no value at all to a third, depending upon the differences in their requirements and available amounts. What one person disdains or values lightly is appreciated by another, and what one person abandons is often picked up by another. While one economizing individual esteems equally a given amount of one good and a greater amount of another good, we frequently observe just the opposite evaluations with another economizing individual.

Perhaps be helpful due to the brevity and peculiar form of the present passage. Assume that the least important satisfaction rendered by a unit of the superior good has an importance of 5 in Use A, that the least important satisfaction rendered by a unit of the inferior good in Use B has an importance of 2, and that a unit of the inferior good would render a satisfaction with an importance of 3 if it were to replace a unit of the superior good in Use A. Menger contends that the use-value of a unit of a superior good that can be replaced by an inferior good is equal, not to the importance of the least important satisfaction actually rendered by a unit of the superior good, but to the importance of the satisfactions dependent on continued
command of that unit. In the present instance, if command of a unit of the superior good is lost and a unit of the inferior good is moved from Use B to Use A to take its place, the satisfactions lost to the consumer are: (1) a satisfaction in Use B with an importance of 2, which is lost because one less unit of the inferior good is employed in Use B, and (2) a satisfaction in Use A with an importance of 2 (the difference between the 5 units lost because one unit less of the superior good is employed in Use A and the 3 units gained because of the employment of a unit of the inferior good in its place). The use-value of a unit of the superior good is therefore 4, the sum of these two items. The “value quota” mentioned by Menger in the
text is the difference between the least important satisfaction that the superior good would render in Use A and its use-value calculated in this way. The “valuequota” in this example is thus 5 minus 4, or 1.-TR. Read the rest of this entry »

Economizing individuals do not use the quantities of goods available to them without regard to differences in quality when these exist. A farmer who has grain of different grades at his disposal does not, for example, use the worst grade for seeding, grain of medium quality as cattle feed, and the best for food and the production of beverages. Nor does he use the grains of different grades indiscriminately for one purpose or another. Rather, with a view to his requirements, he employs the best grade for seeding, the best that remains for food and beverages, and the grain of poorest quality for fattening cattle.

With goods whose units are homogeneous, the total available quantity of a good stands opposite the whole set of concrete needs that can be satisfied by means of it. But in cases where the different units of a good satisfy human needs in qualitatively different ways, the total available quantity of a good no longer stands opposite the whole set of needs; each available quantity of specific quality instead stands opposite corresponding specific needs of the economizing individuals.

If, with respect to a given consumption purpose, a good of a certain quality cannot be replaced at all by goods of any other quality, the principle of value determination previously demonstrated (p. 132) applies fully and directly to particular quantities of that good. Thus the value of any particular unit of such a good is
equal to the importance of the least important satisfaction that is provided for by the total available quantity of this precise quality of good, since it is with respect to this satisfaction that we are actually dependent on command of the particular unit of this quality. Read the rest of this entry »