INTRINSIC VALUE
The value in use and the cost of all commodities are expressed together in the intrinsic value of any commodity. The process of consumption of a good furnishes the production of another good, since the value in use refers to a definite cost nonetheless. In the same fashion, the cost for a commodity presents the value in use of it as a result of the productive consumption of the raw materials embedded in it – not simply their annihilation in the process. Behind the eventual accommodation of the cost in the value in use peeps out the permanent value of the economic goods as they undergo all changes together in market equilibrium.
Historical Backdrop
• HUGO GROTIUS The Rights of War and Peace: common value.
• WILLIAM PETTY The Economic Writings of Sir William Petty: natural price.
• ADAM SMITH The Wealth of Nations: natural price.
• ALFRED MARSHALL Principles of Economics: the principles of the production cost and marginal utility taken together.
• FRIEDRICH WIESER Natural Value: natural value.
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