This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1903 Excerpt: …utility expresses the qualitative weal-relation between man and his economic environment. It is accordingly the function of value to measure this qualitative weal-relation in quantitative terms. Furthermore, as we are dealing with a relation, the measurement must be made from both ends, –from the subjective standpoint of human wants and from the objective standpoint of economic goods. Thus, regarded subjectively, value indicates the importance a person attaches to the possession of a good for any particular purpose; while, objectively considered, value expresses the capacity or power the good possesses to fulfill such purpose. However deflected, or even distorted at times, well-being is the ultimate goal of man’s economic activities. For whatever special reason we attach importance to the possession of goods, or to whatever particular purpose the goods themselves are applied, in last instance all our valuations are made with reference to well-heing. In the generic, therefore, value regarded from the subjective side indicates the importance a person attaches to the possession of a good with a view to augmenting his well-being; and value regarded from the objective point of view indicates the power or capacity of such good to minister to a person’s well-being. Within this generic concept, however, are contained particular kinds of value, or modes of valuation. This is the case because there are different kinds of utility to be measured, as well as different degrees. That is to say, not only are some goods more useful than others, but, furthermore, the self-same good may be put to different uses. Aristotle was the first to recognize the significance of this fact, and instanced at least two uses to which one good might be put. Of everything we possess,&qu…
