the ultimate standard of value-第13章

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rough　all　stage　of　production；　or　though　free　for　part　of　the　distance；　it　may　at　some　point　be　permanently　hindered　by　some　kind　of　a　monopoly。　　　　　　Let　us　illustrate　this　by　an　example。　The　production　of　one　hundred　weight　of　copper　costs　at　a　given　time　ten　days　of　historically　reckoned　labor　at　eighty　cents　a　day　or　eight　dollars。　This；　of　course；　enters　into　the　cost　of　all　copper　goods；　and　therefore　into　the　price　of　copper　wire；　copper　kettle；　copper　pans；　etc。　Now；　because　of　a　strong　demand　for　electric　wire　the　hundred　weight　of　copper　advances　in　price　from　eight　to　twelve　dollars；　nothing　is　more　certain　than　that　the　coppersmith；　the　money　cost　of　his　material　having　risen；　will　advance　the　price　of　copper　wire；　etc。　A　copper　kettle　which　weighs　one　hundred　pounds　and　the　production　of　which　involved　an　expense　of　six　dollars；　had　in　the　past　a　total　cost　of　fourteen　dollars；　it　now　has　an　additional　cost　of　four　dollars　and　so　must　bring　at　least　eighteen　dollars；　and　this　quite　independently　of　the　question；　whether　or　not　the　historically　reckoned　cost　of　production　has　changed；　whether　ten　or　any　other　number　of　days　of　labor　have　been　expended　in　its　production；　or　whether　we　pay　eighty　cents　or　any　other　amount　for　a　day's　labor。　　　　　　The　fate　of　the　〃historically〃　reckoned　cost　will　likewise　depend　upon　a　variety　of　considerations；　difficulty　may　be　encountered　in　producing　the　additional　amount　of　copper　which　is　necessary　to　supply　the　increased　demand。　It　may　be　necessary　to　employ　more　miners；　in　which　case　it　is　quite　probable　that　the　wages　of　the　miners　will　advance。　Or；　perhaps；　though　we　can　obtain　a　sufficient　force　of　miners　at　eighty　cents；　it　may　be　necessary　to　work　poorer　veins；　in　which　a　hundred　weight　of　copper　will　cost　not　ten　but　twelve　days'　labor。　In　both　case　the　advance　which　first　appeared　in　the　money　cost　of　a　later　stage　of　production；　will　be　gradually　transmitted；　in　a　greater　or　less　degree；　to　the　elementary　labor　cost　of　the　earlier　stages　of　production。　Finally；　it　is　possible　that　we　may　be　able　to　supply　this　increased　demand　for　copper　without　any　additional　cost；　or　at　the　old　rate　of　ten　days　of　eighty　cent　labor　to　every　hundred　pounds　of　copper。　In　this　case　the　increased　demand　for　copper　will　eventually　be　satisfied　at　this　rate　of　cost。　The　price　of　the　copper；　as　well　as　that　of　the　copper　goods；　will　then　have　a　correponding　return　motion　until　it　reaches　the　original　price　of　eight　dollars。　　　　　　But　in　either　event；　it　still　remains　true　that　the　price　of　copper　goods　may　be　determined；　at　least　temporarily；　by　other　conditions　than　their　historically　reckoned　cost。　In　practice　numberless　instances　of　this　kind　arise。　Even　though　in　the　long　run　the　elementary　〃historical〃　cost　plays　an　important　part；　yet　time　is　necessary　for　its　influence　to　be　felt　through　the　whole　of　our　complicated　system　of　production。　During　this　time　the　stage　not　yet　effected　by　this　leveling　influence　will　follow　the　lead　of　their　special　〃synchronous〃　cost。　　　　　　Let　us　now　take　a　few　examples；　in　which　this　leveling　influence　is　free　to　operate　over　a　limited　area　of　the　process　of　production；　and　then　at　a　certain　point　becomes　permanently　inoperative。　　　　　　Take　a　chemical　product；　which　we　will　assume　to　be　sold　at　any　given　time；　at　its　actual　cost　of　production；　say　eight　dollars。　Let　us　further　assume　that　some　discovery　is　made　by　which　the　cost　of　this　material　is　reduced　to　four　dollars；　and　that　the　discoverer　patents　the　process　and　allows　others　to　use　it　for　a　fee　of　two　dollars。　The　price　of　this　product　will　now　permanently　adjust　itself　to　a　money　cost　of　six　dollars；　which　exceeds　the　elementary　cost　of　four　dollars　by　the　amount　of　the　patent　fee　or　royalty　of　two　dollars。　　　　　　Let　us　take　another　case；　and　assume　that　a　hundredweight　of　coffee；　when　admitted　into　a　country　free　of　duty；　will　sell　at　a　price　which　is　just　sufficient　to　cover　its　cost　of　production；　which　we　will　assume　to　be　sixty…five　dollars。　Let　it　now　be　subjected　to　an　import　duty　of　fifteen　dollars。　The　price　must；　of　course；　be　high　enough　to　cover　this　additional　cost；　and；　therefore；　will　rise　to　eighty　dollars；　an　amount　which　exceeds　the　elementary　cost　by　fifteen　dollars。　　　　　　Here　we　have　two　typical　example　of　price　variations；　which　will　be　found　to　include　nearly　the　entire　field　of　price　phenomena；　for　there　are　at　the　present　time　very　few　products　in　which　some　patented　machine　or　process；　or　some　import　duty　on　raw　or　auxiliary　material　does　not　play　a　part。　　　　　　It　is　now　time　to　ask：　What　has　our　theory　to　say　about　the　determination　of　these　price　of　copper　kettle；　chemical　products；　coffee；　etc。？　　　　　　It　must　offer　some　explanation　of　these　facts；　since　they　are　of　such　frequent　and　general　occurrence。　It　is　also　manifest　that　it　cannot　explain　them　in　terms　of　the　elementary　cost　of　labor　and　abstinence；　nor　in　terms　of　the　value　of　these　elementary　factors　of　cost；　nor　by　a　reference　to　the　disutility　which　may　be　associated　with　the　same。　The　price　of　the　copper　kettle　has　advanced　from　fourteen　dollars　to　eighteen　dollars；　and　the　price　of　coffee　from　sixty…five　dollars　to　eighty　dollars；　not　because；　but　in　spite　of　the　fact；　that　the　elementary　costs　have　remained　unchanged　at　fourteen　and　sixty…five　dollars。　Again；　in　the　case　of　our　chemical　product；　if　the　price　depended　upon　the　elementary　cost；　it　should　not　stop　at　six　dollars　but　should　sink　to　four　dollars。　It　is　equally　clear　that　all　these　cases　of　price　variations　are　subject　to　the　law　of　cost　and　are　actually　effects　of　this　law。　It　would；　indeed；　be　a　very　serious　sin　of　omission；　on　the　part　of　economic　science；　to　attempt　an　explanation　why　the　present　prices　of　the　several　commodities　mentioned　in　our　frustration　are　just　eighteen；　six　and　eighty　dollars；　without　any　reference　to　the　characteristic　circumstance　that　these　prices　represent　the　present　cost　to　the　entrepreneur；　and　instead；　content　itself；　with　a　vague　reference　to　the　relation　existing　between　the　supply　of；　and　demand　for　these　commodities。　　　　　　The　same　considerations　which　in　the　past　have　forced　us　to　supplement　the　general　law　of　supply　and　demand　through　the　more　exact　law　of　cost；　make　it　necessary　to　so　interpret　the　law　of　cost　that　it　may　include　and　explain　the　above　variations　in　price。　　　　　　What　now　remains　to　be　done？　In　our　opinion；　just　that　which　the　Austrian　economists　have　endeavored　to　do。　　　　　　The　conception　of　a　historically　reckoned　cost　must　be　brought　face　to　face　with　the　conception　of　a　synchronously　reckoned　cost；　and　due　importance　must　consciously　be　given　to　each　of　the　two　conceptions。　Thee　two　conceptions　may；　indeed；　be　put　side　by　side；　but　are　in　no　sense　interchangeable。　For　the　solution　of　different　problems　in　our　science；　both　conceptions　are　necessary。　It　is　even　necessary　to　distinguish　between　the　different　varieties　of　the　〃historical〃　cost。　For　certain　explanatory　and　speculative　purposes；　it　is　well　to　have　in　mind　the　disutility　of　labor。　In　other　cases　（as　in　estimating　certain　technical　advances　in　production）；　it　is　the　quantity　of　labor　that　we　must　consider。　In　still　others；　it　is　the　value　of　the　labor　that　we　must　inquire　about。　There　is　not；　as　Professor　Macvane　thinks；　only　one　〃true　conception〃　of　cost。　Professor　Patten；　although　his　limitations　are　not　entirely　satisfactory；　come　much　nearer　the　truth　when　he　says　that　the　competing　concepts　really　belong　to　different　branches　of　the　theory；　the　one　to　the〃　theory　of　value〃　and　the　other　to　the　〃theory　of　prosperity。〃（44*）　　　　　Again；　we　must　not　endeavor　to　find　in　the　law　of　cost　either　more　or　less　than　the　Austrian　economists　have　found　in　it；　namely；　a　universal　law　of　leveling。　And　this　is　an　influence　which　operate　not　merely　upon　certain　final　elements；　but　also　at　every　stage　of　the　productive　process。　There　is　a　leveling　or　equating　not　merely　of　the　final　elements；　labor　and　the　disutility　of　labor；　but　also　of　productive　goods　and　of　utility　with　utility。　This　last　takes　place　independent　of；　and　ofttimes　in　direct　opposition　to　the　influence　of　the　final　elements。　Why；　in　our　example　of　the　copper　kettle；　does　the　price　ris