Economics Dictionary of Arguments

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Mause I 53f
Value theory/Neoclassics: neoclassic theory, especially consumer theory, is based on subjective value theory, i.e. the assumption that the value of a good depends exclusively on its subjectively perceived benefit. Thesis of decreasing marginal utility: see Marginal Utility/Neoclassic theories. The marginal utility compensation law implies that the exchange value, i.e. the price of a good, is determined by the marginal utility, i.e. the marginal utility value. In this way, the famous value paradox could be solved, which says that important and useful goods (such as water) can be much cheaper than unimportant goods of little use (such as diamonds). Since the marginal utility determines the price and that decreases with the increase in the available quantity, very useful goods can also be cheap if they are abundant, or less useful goods can be expensive if they are rare.

Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution.
The note [Author1]Vs[Author2] or [Author]Vs[term] is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.
Neoclassical Economics
Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018

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