Value and Capital

Authors: John Hicks

Key Ideas

1. The book 'Value and Capital' by John Hicks explores the concepts of value and capital in the field of economics. Hicks argues that value is determined by both subjective factors and objective factors.

2. Hicks proposes the concept of 'economic rationality,' which suggests that individuals make choices based on maximizing their own self-interest and achieving the greatest possible satisfaction.

3. Hicks introduces the idea of 'marginal utility,' which refers to the additional satisfaction gained from consuming one more unit of a good or service.

4. The book discusses the importance of ....
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Quiz

1. What is the concept of 'economic rationality' proposed by Hicks?

A. The idea that individuals make choices based on maximizing their own self-interest and achieving the greatest satisfaction.

B. The concept that economic decisions should be based on social welfare.

C. The belief that market competition leads to fair value determination.

D. The theory that value is solely determined by objective factors.

2. What is the definition of 'marginal utility'?

A. The additional satisfaction gained from consuming one more unit of a good or service.

B. The measure of the responsiveness of demand to changes in price.

C. The concept that capital accumulation drives economic growth.

D. The idea that resources are allocated efficiently in competitive markets.

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