By F. A. Hayek, Lawrence H. White
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Extra resources for Capital and Interest
6 Yet this admission would be tantamount to abandoning subjective value theory as a satisfactory explanation for economic processes and would deprive these authors of the very basis for many of their analyses. 6 [Here the claim that “the determinants for the prices of the factors of production exist only in an exchange economy” probably refers to Mises’ argument that a socialist planning board, in an economy without markets for factors of production, could not assign meaningful prices to those factors.
If the imputation problem has not received due attention and has been ignored altogether in some systems of subjective economic theory, which moved directly from the explanation of the value of consumer goods to the explanation of prices and the forms of income, this is due to the mistaken belief that, by explaining the value of consumer goods, the problem of economic value as a whole has been solved. It thus has been overlooked that producer goods, to which altogether different conditions apply, require a separate explanation.
8 vols. : Gustav Fischer, 1909– 1911). The second-named article, “Grenznutzen,” appeared in the second and third editions 9 capital and interest However, following Wieser, this conception constitutes an essential element of the theory of subjective value, and in its absence the marginal utility principle could not provide a satisfactory explanation of economic phenomena. In Wieser’s eyes, value is the calculation form of utility. This conception alone leads to an unambiguous and complete partitioning of the utility derived from the product and allows us to put the same value on several units of a good involved in a production process.
Capital and Interest by F. A. Hayek, Lawrence H. White