A General Theory of Value

Ayn Rand defines value as “that which one acts to gain and/or keep” and applies the concept to all living organisms. A value presupposes answers to the questions “to whom?” (or “what?” in the case of lower living species), and “for what purpose?”* Can we apply this definition to the economic concepts of value and utility, especially as used by the Austrian economists? When I was teaching, I would

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