Price and Value
There was time when people debated use-value versus exchange value, often wondering about the paradox of value (diamond-water paradox). The use-value was supposed to give some measure of usefulness, later refined as marginal benefit (which is marginal utility counted in common units of value) while exchange value was the measure of how much one good was in terms of another, namely what is now called relative price.
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“... work is only part of a man’s life; play, family, church, individual and group contacts, educational opportunities, the intelligent exercise of citizenship, all play a part in a well-rounded life. Workers are men and women with potentialities for mental and spiritual development as well as for physical health. We are paying the price today of having too long sidestepped all that this means to the mental, moral, and spiritual health of our nation.”
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