Henry Charles Carey Value

Henry Charles Carey Value

As with Bastiat, so in Carey's case, value is the center of a System of Harmony. Carey's is a labor theory. Value is determined by the amount of labor required for production at the present time, or for reproduction at any given time. As he puts it, value is caused by the obstacles to production, and measures nature's power over man. He is more consistent than Bastiat in confining the term "utility" to signify man's power over nature, a conception which Bastiat designated by the phrase "gratuitous utility."