[A]ll Value resides in the mind. But people have come to regard Value as an absolute Quality inherent in Things: and the confusion of ideas is the source of bad reasoning. Value is founded on estimation.Henry Dunning Macleod, Elements of Economics, Volume 1 (1881), p. 118. Relating the leading principles of Étienne Bonnot de Condillac’s Le commerce et le gouvernement, considérés relativement l’un à l’autre: Ouvrage élémentaire, Macleod explains the main idea of modern economics, mutual benefit in exchange:
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Henry Dunning Macleod
