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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Famous quotes containing the word price:
“How long most people would look at the best book before they would give the price of a large turbot for it?”
—John Ruskin (1819–1900)