The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Goods and Commodities

  • Murray Milgate
Reference work entry


Towards the end of the 1950s, Harry Johnson produced the following theorem on value theory:


Characteristics Commodities Demand theory Exchange value Goods and commodities Jevons, W. S. Johnson, H. G. Lancaster, K. Marginal revolution Marshall, A. Marx, K. H. Menger, C. Mill, J. S. Produced and scarce commodities Ricardo, D. Robbins, L. C. Scarcity Separable utility functions Smith, A. Subjective theory of value Water–diamonds paradox 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Murray Milgate
    • 1
  1. 1.