ADVANTAGES

Utility was a slightly different story. The Classicals confused utility of a good with its . They agreed that a good must have usefulness if it is to be produced. The mercantilist Nicholas was perhaps the first to explicitly claim that price was influenced by utility: "the Value of all Wares arise from their Use; Things of no Use, have no Value, as the English phrase is, ."(, 1690: p.13). In this, he was followed up by John (1692) and John (1705).

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