Lesson 4: Wealth and Value
Please read Part II, Chapters 9 - 10 and "Why are Theories of Value Important?"

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1. Does material progress tend to increase or decrease the following: a) the total value of wealth in a community?   (Part II, Chapter 9) 

    b) the value of individual articles of wealth?   (Part II, Chapter 9) 

2. Can the value of a thing be determined by any intrinsic quality of the thing?   (Part II, Chapter 9) 

3. Why does the cost of reproduction, not the cost of original production, determine a thing's value?   (Part II, Chapter 9) 

4. a) What determines the price of an item that cannot be reproduced?   (Part II, Chapter 3) 

    b) What is the most common application of that principle?   (Part II, Chapter 9) 

5. Why is land value the most important of all values from obligation?   (Part II, Chapter 9) 

6. How does the use of money as a medium of exchange illustrate the true source and measure of value?   (Part II, Chapter 10) 

7. Give examples of things whose value arises from obligation.   (Part II, Chapter 10) 

8. What is the difference between value from production and value from obligation a) in individual economy?   (Part II, Chapter 10) 

    b) in political economy?   (Part II, Chapter 10) 

9. a) Give a brief outline of the Austrian theory of value.   (Theories of Value) 

    b) Give a brief outline of the Marxist theory of value.   (Theories of Value)