the ultimate standard of value-第14章
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to the influence of the final elements。 Why； in our example of the copper kettle； does the price rise from fourteen to eighteen dollars？ Simply because through the common cost it can and must be leveled to the price of the other commodities produced from copper； i。e。； in this case to the price of the strongly demanded copper wire。 But why have prices in the entire copper business advanced？ Because； and in so far as； through the increased demand for copper； the marginal utility of this material has been raised。 It is； therefore； an increase in utility and not in disutility； that here in the guise of cost dictate the advance of the price。 The numerous instances of this kind which at once suggest themselves to the reader； confirm our earlier judgment of the important part which； under modern economic conditions； utility plays in the determination of cost。 It is a curious fact that the objection has been more than once advanced； that the Austrian economists have closed their eye to the rich treasure of insight and knowledge which the great law of cost affords；（45*） and that they have disdained to avail themselves of its help in the explanation of the phenomena of value。 In reality as we have endeavored to show； the reverse of this is true。 So anxious are we to coin the whole of this treasure； so strong is our desire not to neglect or discard one particle of the help which it offers us； that we object to a misleading interpretation of this law； an interpretation which would compel us to ignore the greater part of its influence。 The character of the facts as well as the necessities of the science force upon us； as we believe； with equal imperativeness； the other universal concept； the concept which the Austrian economists have made their own； and whose essential feature I will in conclusion recapitulate。 The variety of meanings that have attached themselves to the word cost have been the source of much confusion。 There is； for instance； the cost； which； in the sense of the great empirical law of cost； operates as the determinant or regulator of price。 To identify this either directly or indirectly with the personal sacrifice； laboriousness； pain or disutility that is imposed upon us by labor or abstinence； is an actual misunderstanding。 The 〃cost〃 of the law of cost is not the name of an elementary factor。 It is a designation applied indifferently； according to the special circumstance of the case； either to sacrifice utilities embodied in goods； or to personal discomfort or pains； i。e。； either to utilities or to disutilities。 The law of cost is always in the first instance a simple leveling principle。 In order to determine what elementary forces are included under this title； we must inquire what it is； that under the name of cost； brings about this leveling。 We then find that at first the marginal utility of one product is leveled to the marginal utility of other products； that are produced from the same cost good （raw material； machine； etc。）； or it is a leveling of utility with utility。 In most cases this leveling process not only begins but ends here。 Only occasionally； under quite definite casuistic assumptions； is the leveling process carried a step further； and the utility of the good itself brought into equilibrium with the disutility endured by the producers。 In this limited number of cases the general law of cost become a special law of disutility。 The independent character of this law is shown by the fact； that while its domain is very limited； yet in one direction it extends beyond that of the classical law of cost。（46*） What then is the 〃ultimate standard〃 for the determination of the value of goods； in the search for which； men have been as indefatigable during the last one hundred years； as they formerly were in their endeavors to square the circle。 If we wish to answer this question in a single phrase； then we cannot choose any less general expression than 〃human well…being。〃 The ultimate standard for the value of all goods is the degree of well…being which is dependent upon goods in general。 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 migh
