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Such a theory is in opposition to egoism, the view that a man should pursue his
own self-interest, even at the expense of others, and to any ethical theory that
regards some acts or types of acts as right or wrong independently of their ...
Ironically, its theory of economic value was framed primarily in terms of the cost of
labour in production rather than in terms of the use value, or utility, of
commodities. Later developments more clearly reflected the Utilitarian
philosophy. William ...
Under the normal assumptions of demand theory it can be proved that a rise in
the price of X must, via the substitution effect, work to reduce the demand for X;
the second theorem states the surprising result that, considering only substitution
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This is the 198215th Edition, in two halves, with the Macropaedia and the Micropaedia. First published in 1768, the publisher is the oldest English-language encyclopedia still in print. Two Scottish ... Read full review