Question:
It was stated in The Economic System, page (33), that the value of a commodity is: (the amount of utility it contains, taking into account the factor of scarcity). It was further detailed on page (34) with the statement: (As for the value, its estimation is governed by the amount of utility in the commodity at the time of estimation, taking into account the factor of scarcity without considering it a part of the estimation). If the scarcity factor does not enter into the estimation, then why do we include it in the definition? What is the benefit of observing it? We hope for a clarification, and may Allah reward you with goodness.
Answer:
The definition of value as being the amount of utility in a commodity, while taking into account the scarcity factor, is indeed correct. Likewise, not considering the scarcity factor as a part of the estimation is also correct. As for why it was mentioned, here is the clarification:
The observation of the scarcity factor is not a part of the estimation itself; rather, it is for the sake of concern, care, and the preservation of value. For example, if you had a loaf of bread and estimated its value based on the utility present in it—its components, characteristics, and uses—and its existence was scarce, you would be very careful with it. You might eat a quarter in the morning and another quarter in the evening, and do the same the next day; if a crumb fell from you, you would rush to pick it up. However, if you had many similar loaves, even though the intrinsic utility within it is the same—meaning its value is the same—you would not be as careful or as concerned with it as you were with the first. You might not even pick up a crumb if it fell, and you might eat it and others like it within a single day.
Therefore, when explaining, the book added the phrase "at 그 time" to "observing the scarcity factor." It stated at the end of page 33: (Because the value of a commodity is only estimated by the amount of utility it contains at the time of estimation, taking into account the factor of scarcity at that time). This means the time accompanying the value during its estimation, and so on. In other words, value is the utility within a thing, while the scarcity factor is observed for a reason other than the estimation of value—it is for the preservation of that value and caring for it due to the difficulty of obtaining a replacement if it were lost because of its scarcity. This observation is important to prevent the wasting of values and to ensure they are used in measure. This is in addition to the fact that observing the scarcity factor is useful in comparing the stability of values and the fluctuation of prices rising and falling according to the scarcity factor.