“However dissimilar they may be” – Ludwig von Mises

“The price is the first and most obvious indication of the nature of the alternatives” – Philip Wicksteed

“And all consumers’ goods are partial substitutes for one another; for every good is engaged in competing for the consumers’ stock of money.”

“Much has been written in the economic literature of consumption theory on the assumption that each consumers’ good is desired quite independently of other goods. Actually, as we have seen, the desires for various goods are of necessity interdependent, since all are ranged on the consumers’ value scales. Utilities of each of the goods are relative to one another. These ranked values for goods and money permit the formation of individual, and then aggregate, demand schedules in money for each particular good.”

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