F. A. Hayek, Lawrence H. White's Capital and Interest PDF

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Example text

124, series III, no. 69, 1926, pp. 1– 18; translated by Grete Heinz as “Some Remarks on the Problem of Imputation,” in Hayek, Money, Capital & Fluctuations, pp. ] 2 [ Note that Hayek here distinguishes “utility” from subjective value. “Utility” means “use” and not a subjective value-ranking indicator as became common in later Anglophone economics. On the confusion caused by the common translation of Grenzwert (marginal value) as “marginal utility,” see J. Huston McCulloch, “The Austrian Theory of the Marginal Use and of Ordinal Marginal Utility,” Zeitschrift für Nationalökonomie, vol.

1. Hayek then reworked the dissertation into the present article: “Bemerkungen zum Zurechnungsproblem,” Jahrbücher für Nationalökonomie und Statistik, vol. 124, series III, no. 69, 1926, pp. 1– 18; translated by Grete Heinz as “Some Remarks on the Problem of Imputation,” in Hayek, Money, Capital & Fluctuations, pp. ] 2 [ Note that Hayek here distinguishes “utility” from subjective value. “Utility” means “use” and not a subjective value-ranking indicator as became common in later Anglophone economics.

3– 4, December 1977, pp. 249– 80; and Jack High and Howard Bloch, “On the History of Ordinal Utility Theory: 1900– 1932,” History of Political Economy, vol. 21, no. 2, Summer 1989, pp. ] capital and interest to be explained by utility. This raises a highly important issue, since the underlying relationship between value and utility is not limited to those cases where needs require several consumer goods for their satisfaction but includes those in which needs are met by a product and thus indirectly require a multiplicity of ( producer) goods for their satisfaction.

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