Abstract

One of the initial obstacles to the study of the theory of value is the fact that practically every author whom the student consults on the subject characterizes value and valuation differently, and seems to trace them ultimately to a different source. For example, one writer will formulate a theory of value in terms of pain and pleasure ; another, in terms of feeling ; another, in terms of desires or wants ; still others, in terms of “requiredness”, of interest, of striving ; and so on.