value, in economics

value, in economics, worth of a commodity in terms of other commodities, or in terms of money (see price price, amount of money for which a unit of goods or services is exchanged. Price is equivalent to market value and may or may not measure the intrinsic value of the goods or services to the buyer or seller.
..... Click the link for more information. ). Value depends on both desirability and scarcity. The marginal theory of value, pioneered in the late 19th cent. by Leon Walras Walras, Léon, 1834–1910, French economist. After abandoning his studies in mining engineering, he became a free-lance journalist, advancing the causes of economic and social reform. He later became a professor of political economy at the Univ.
..... Click the link for more information. , Stanley Jevons Jevons, William Stanley (jĕv`ənz), 1835–82, English economist and logician.
..... Click the link for more information. , and Carl Menger Menger, Carl (kärl mĕng`ər), 1840–1921, Austrian economist, a founder of the Austrian school of economics.
..... Click the link for more information. , has been highly influential in economics. It takes account of both scarcity and desirability by holding that the total value of a good depends on the utility rendered by the last unit consumed. It developed in opposition to David Ricardo Ricardo, David, 1772–1823, British economist, of Dutch-Jewish parentage. At the age of 20 he entered business as a stockbroker and was so skillful in the management of his affairs that within five years he had amassed a huge fortune.
..... Click the link for more information. 's earlier labor theory of value, which holds that the value of a good derives from the effort of production, based on supply. Ricardo asserted that the cost of production can be reduced to the cost of labor, either paid in wages or used as capital capital, in economics, the elements of production from which an income is derived, usually defined with the exception of land and labor. As originally used in business, capital denoted interest-bearing money.
..... Click the link for more information. , the physical means of production. In the marginal theory of value, there is an exchange value, as Ricardo postulated, but there is also a use value, which signifies the utility of a given commodity for satisfying a human desire. This distinction is equally important in Marxian economics. Marginal theory is fundamental to modern economics, because it points out that both supply and demand have an impact on the price of a commodity.

Bibliography

See M. H. Dobb, Theories of Value and Distribution Since Adam Smith (1975); M. Allingham, Value (1983); B. Fine, ed., The Value Dimension (1986).

value, in colorimetry

value, in colorimetry: see color color, effect produced on the eye and its associated nerves by light waves of different wavelength or frequency. Light transmitted from an object to the eye stimulates the different color cones of the retina, thus making possible perception of various colors in the
..... Click the link for more information. .

value

(1) The content of a field or variable. It can refer to alphabetic as well as numeric data. For example, in the expression, state = "PA", PA is a value.

(2) In spreadsheets, the numeric data within the cell.

value

1. Maths

a. a particular magnitude, number, or amount

b. the particular quantity that is the result of applying a function or operation for some given argument

2. Music short for time value

3. in painting, drawing, etc.

a. a gradation of tone from light to dark or of colour luminosity

b. the relation of one of these elements to another or to the whole picture

value [′val·yü]

(mathematics)

The value of a function ƒ at an elementxis the elementywhich ƒ associates withx; that is,y= ƒ(x).

The expected payoff of a matrix game when each player follows an optimal strategy.

(mining engineering)

The economically valuable metals contained in ore or tailings.

(science and technology)

The magnitude of a quantity.

value - brightness

value (redirected from economic value)

value, in economics

Bibliography

value, in colorimetry

value

value
(redirected from economic value)