By F. A. Hayek, Lawrence H. White
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P. 295),20 concerning a product made from several goods, none of which is either replaceable or has an alternative use, there is actually only a single economic good, namely that very product, as its components must be present simultaneously, in rigid proportions, to be useful. For this reason, they constitute mere components of a single good; they have utility and, hence, value, only in this combination. Here it makes no sense to impute value to these factors, as each individual factor has no separable influence on the marginal utility of the product.
10 [Carl Menger, Grundsätze der Volkswirtschaftslehre (Vienna: Wilhelm Braumüller, 1871); English translation, Principles of Economics, trans. James Dingwall and Bert F. ] 5 capital and interest ity. Thus the loss of utility caused by the unavailability of the original good would ultimately manifest itself at the position vacated after this substitution. Menger applies the same reasoning to replaceable goods of higher order. For irreplaceable producer goods he supplemented it by the further consideration that the loss of utility due to the unavailability of such a producer good and the prevention of production caused by it is partially compensated by the utility achieved by the complementary goods in new uses.
Vol. 36, Supplement: Economic Theory and Hicksian Themes, November 1984, pp. 59– 73. 58 Hayek, “The Maintenance of Capital,” this volume, p. 187. 59 F. A. Hayek, “Preiserwartungen, Monetäre Störungen und Fehlinvestitionen,” Nationalökonomisk Tidsskrift, 3rd series, no. 43, 1935, pp. 176– 91; translated as “Price Expectations, Monetary Disturbances, and Malinvestments,” in Profits, Interest, and Investment, by Hayek (London: Routledge, 1939); reprinted in Good Money, Part I: The New World, ed.