Value

VALUE

Value

Author

University

INTRODUCTION

The value of an object is normally regarded , as the numerical equivalent one is willing to pay in exchange of the said object . Value may greatly depend on the point of view of the person assessing it , which may be affected by one 's need of that certain object or its importance to the end user . Whatever the case may be , all objects must have its value - whether it be a junk or a priceless possession

In this case , the value of a

small tiny eraser with a round hole that enables the user to stick it at the back of a pen or pencil will be analyzed using different points of view . The value of the eraser in the point of view of two economic philosophers and two characters from The Little Prince ' will be discussed in this

The value of the eraser will be assessed based on the perspectives of Adam Smith and Karl Marx , as economists and the businessman and the lamplighter , as characters from The Little Prince

Adam Smith is the author of An Inquiry into the Nature and Causes of the Wealth of Nations , which mainly focused on the division of labor (http /www .econlib .org /LIBRARY /Smith /smWN .html . Karl Marx , on the other hand , together with Frederick Engels , in 1848 , authored The Communist Manifesto ' which gave birth to the bourgeois and the proletarians ( HYPERLINK "http /www .anu .edu .au /polsci /marx /classics /manifesto .html http /www .anu .edu .au /polsci /marx /classics /manifesto .html . Both philosophers were contributory to the economic situation of the modern times

In The Little Prince , a number of characters were introduced However , to assess the value of an eraser , it would be best to take the point of view of the businessman , who , day and night were attending to matters of consequence (de Saint-Exupery , 1991 ) and the lamplighter who only follows to light the lamp every minute

Adam Smith - Of the Division of Labour . According to this theory , the greatest improvement in the productive powers of labour , and the greater part of the skill , dexterity and judgment with which it is any where directed , or applied , seem to have been the effects of the division of labor (University of the Philippines , 1993 . In Smith 's theory , it will take a longer time to produce one tiny eraser without division of labor . Referring to the method of fabrication of a rubber eraser HYPERLINK "http /www .freepatentsonline .com .html http /www .freepatentsonline .com .html , one will need a polymer , a plasticizer , a stabilizer and filler to produce an eraser Furthermore , it still needs to undergo heating , mixing , kneading cutting and pressing . This will take one person more than one day to actually produce a piece of eraser which could also result in increased value for the tiny eraser

However , through Smith 's division of labor , different persons got to specialize in different , specific steps of the process . Thus , heating will be done by...