the ultimate standard of value-第13节
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。 If； however； we desire a more concrete standard； one that will give us a more definite idea； just how goods are connected with well…being； then we must take not one but two standards； which though co…ordinate in theory are yet of very unequal practical importance； because of the greater prevalence of the phenomena in which one of them is operative； one is the utility of the good； and the other is the personal sacrifice or disutility involved in the acquisition of the good。 The domain of the latter is much more limited than we usually think。 In the great majority of cases； even in those in which the so…called law of cost undoubtedly plays a part； the final determination of the value of goods is dependent upon utility。
NOTES：
1。 The name； given us by our opponents； includes a certain group of theoretic economists。 Not all of those included are Austrians； nor does the group include all the Austrian economists。 I would also take occasion to remark that when in the following I speak in the name of the Austrian economists； I do not wish that anyone else shall be held responsible for what I may say or for the manner of saying it。 Conversely I do not wish to place myself in the position of being responsible for the statements of every member of that group。 Again； while I have given statement to certain general doctrines of the Austrian economists； yet I would expressly state that the kernel of the doctrine does not belong to me； but is； to a large degree； the outcome of the investigations of my able colleagues； especially Menger and Wieser。
2。 Wieser's 〃Ursprung und Haupigeselze des Wirtschaftlichen Wertes。〃 Wien； 1884； p。 104。 Then my 〃Grundzage der Theorie des Wirthshaftlichen Guterwertes； in Conrad's Jahrbucher fur Nat…Oek。 N。F。B。 XIII； 1886； p。 42。 Then my article； 〃Wert〃 in Conrad…Lexischen Handworterbuch der Staatswissenschaften。
3。 Essay on the 〃Wertheorien und Wertgesetze；〃 in Conrad's Jahrbucher； N。F。B。 XVI。
4。 〃Ultimate Standard of Value；〃 Yale Review； November； 1892。
5。 Die Classiche Wettheorie und die Theorie vom Grenznutzin；〃 Conrad's Jahrbucher。 〃Zur classichen Wert und Preistheorie〃 N。F。； Vol。 20； in the same Jahrbucher； third edition； Bd。 1。
6。 〃Bohm…Bawerk on Value and Wages；〃 in the Quarterly Journal of Economics； October； 1890； also 〃Marginal Utility and Value；〃 in the same journal； April 1893。 Near the completion of the present paper；a third paper by Professor Macvane came to hand； 〃The Austrian Theory of Value；〃 Annals of the American Academy； November； 1893。
7。 〃Principles of Economics〃； London； 1890 （second edition； 1891） and 〃Elements of Economics of Industry〃； London； 1892。 passim。
8。 A very able criticism of my 〃Positive Theory of Capital〃； in the Economic Journal； June 1892； page 328。 Also in the same number a criticism of Smart's 〃Introduction to the Theory of Value；〃 by the same author。
9。 Among other noteworthy contributions to the discussin of this theme I would mention Patten's 〃Theory of Dynamic Economics〃 1892； also a paper by the same writer in a recent number of the Annals of the American Academy on 〃Cost and Expense。〃 Patten takes a position which in the main is not far from that of the Austrian economists。 His point of view is； however； peculiar； in that he throws special emphasis upon the influence of consumption upon the value of goods。 This is a special theme which lies outside of the province of this paper。 It still remains to notice the work of Irving Fisher （〃Mathematical Investigations in the Theory of Value and Prices〃）； Connecticut Academy； 1892； also a very able work of Benini （〃Il vaaore e la sua attribuzione ai beni strumentali〃）； Bari； 1893。 The views of the Austrian economists ahve found very able and because of many original features very interesting statement； at the hands of W。 Smart （〃Introduction to the Theory of Value〃； London； 1891）》
10。 〃Elements〃 vol。 i； p。 214。 Compare especially the enumeration of the elements of cost on p。 217。
11。 In his paper； 〃Bohm…Bawerk on Value and Wages；〃 pages 27 and 28； and more recently in his paper on 〃The Austrian Theory of Value；〃 page 14。 In order to avoid any possible misunderstanding that might result from a difference in the use of the term 〃historical cost〃 by Professor Macvane （〃Marginal Utility〃； page 261）； I would expressly state； that I apply the term 〃historical〃 as antiethical in 〃synchronous〃。 I therefore include under this term not only that cost of production； which has actually been expended in the past；but also the cost of reproduction； in so far as this 〃historical〃 may be resolved into the cost of reproduction； in so far as this 〃historical〃 may be resolved into the single stae of primary productive power； which most in successive periods of time be applied or expended。
12。 〃Elements〃 page 214。 〃The exertions of al the different kinds of labor that are directlyor indirectly involved inmaing it；together with the abstinences or rather the writings required for saving the capital used to making it： all these efforts and sacrifices together will be called its real cost of production。〃
13。 〃Positive Theory of Capital〃； page 95 of English edition。
14。 Ibid。； page 229 of English edition。
15。 For instance； 〃Elements〃； page 222； 〃the normal level about which the market price fluctuates will be this definite and fixed （money） cost of production。〃 Compare also the explanation of 〃equilibrium〃； on page 219。
16。 The very nature of my problem specially compels me to seek some settlement or agreement with the representatives of English and American science。 Partly because their rival opinions touch most nearly the salient points of the controversy； partly because they already； in consequence of the great weight of scientific authority which they have upon their side； and of the the exceptionally able representatives which they have found； are in advance of all others。 Besides； I have elsewhere taken occasion to refer tosome of the others whose opinions bear upon this point。 I referred to Scharling's theory in my 〃Theory of Capital〃； p。 160； English edition； to Dietzel in two papers； 〃Zwischenwort sur Werttheorie〃 and 〃Wert； Kosten und Grenznutzen〃； in Conrad's Jarhbucher； N。F。； vol xxi； and third edition； vol。 iii。
17。 I would not maintain that low wages must always result in a sinking of the point of equilibrium。 It may very readily happen； that with very low wages the necessities of the laborer and so the marginal utility of the unit of money； which he receives； is so great that he is compelled； even to satisfy the most pressing wants； to endure long hours of labor。 This occurs with us in the case of the miserably paid sewing women； who not unfrequently work from fourteen to fifteen hours a day。 But； as a rule； and especially where the payment of wages is so arranged that the overtime is paid for a separate item from the regular time； the advance in wages will result in an increase in the supply of labor。 This is always under the assumption that the laborer is free to determine how long he will work。
18。 Professor J。B。 Clark； in his paper on the 〃Ultimate Standard of Value；〃 has set forth with great clearness and elegance； nearly the same thought which I have employed in the text。 He certainly draws from it a conclusion which I am no more prepared to accept than his brilliant statement of a part of their premises。
19。 〃Elements〃； page 275。
20。 We might compare the cost that cost three days of common labor at eighty cents and one day of skilled labor at one dollar and sixty cents with another cost that cost four days of common labor at eighty cents。 If the law of cost is interpreted as meaning the sum of the pain or disutility endured； then these costs should have about the same value。 It is manifest； however； that the fulfilling of the law of cost actually demands the opposite of this： that the costs should exchange in the ratio of ten to eight。 The empirical law of cost is by no means the same thing as the regulation of price through the disutility of labor； and cannot be so。 Or as Professor Green says in a paper on 〃Pain Cost and Opportunity Cost〃； 〃We shall certainly find that the rule of equal values for equal pains is not the law which actually determines exchange ratios。〃 Quarterly Journal of Economics； January； 1894。
21。 It would be easy to find many other and possibly better examples than that of the artist。 In his case the artistic impulse is always strongly opposed to the action of the purely economic motives。 Possibly the best example would be an inventor。 He is in a position to produce a useful object； without any help from others； and is entirely free to determine the length of his working day。
22。 〃Der Naturliche Wert；〃 Wien； 1889； Preface； p。 iii。
23。 〃Wealth of Nations〃； Bk i； ch。 v。 and vii。
24。 〃Marginal Utility and Value〃； pp。 262； 269。
25。 Economic Journal； June 1892； p。 334。
26。 Ibid。； p。 335。
27。 Ibid。； p。 337。
28。 Ibid。； passim； especially p。 334。
29。 〃Principles〃； note on Ricardo's Theory of Cost in Relation to Value； Bk。 vi。； Ch。 vi。
30。 〃Elements〃； Bk。 vi。； Ch。 ii； sect。 2； and corresponding place in 〃Principles。〃
31。 〃Elements〃； Bk。 vi。； Ch。 v； sect。 4； and corresponding place in 〃Principles〃。
32。 See above； p。 24。
33。
