the ultimate standard of value-第4章

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hat　event　the　price　of　the　commodity　A　would　at　one　and　the　same　time　be　higher　and　lower　than　the　price　of　the　commodity　B。　Our　most　pressing　problem；　therefore；　is　to　find　a　solution　for　that　preliminary　question；　to　which　we　have　referred；　a　question　which　finds　statement　in　the　title　of　the　following　chapter。　

III。　For　Which　of　the　Different　Meanings　of　the　Word　〃Cost〃　is　it　Really　True　That；　According　to　The　Experience　of　Industrial　Life；　Prices　Adjust　Themselves　According　to　Cost

　　　　It　is　undoubtedly　true　for　the　value　sum　of　the　synchronously　reckoned　cost；　or　for　what　Professor　Marshall　calls　the　〃money　cost　of　production。〃　This　is　the　cost　from　which；　in　practical　life；　the　〃law　of　cost〃　receive　its　most　direct　and　effective　confirmation。　The　action　of　the　merchant　is　determined　by　the　amount　which　he　must　expend　for　all　the　necessaries　of　production。　If　the　price　of　the　ware　is　not　sufficient　to　cover　this　outlay；　he　cease　to　bring　the　ware　to　market；　conversely；　if　the　price　yields　a　fair　surplus　over　and　above　this　outlay；　the　producers　increase　the　supply　until　the　price；　in　the　above　sense；　is　adjusted　according　to　the　cost。　It　is　therefore；　from　the　standpoint　of　the　practical　man's　estimate　of　the　money　cost　of　production；　that　the　〃law　of　cost〃　is　always　demonstrated。　Even　such　writers　as　Professor　Marshall　have　recourse　in　the　first　instance；　to　this　method　of　proof。（15*）　　　　　We　do　not　mean　to　say　that　this　〃law　of　cost〃　is　only　true　for　the　synchronous　method　of　reckoning　money　cost。　On　the　contrary；　it　is　in　a　certain　sense　applicable　also　to　the　historically　reckoned　cost；　and　it　is　this　extension　of　it　which；　since　the　time　of　Adam　Smith；　has　excited　the　greatest　interest　among　writers　on　the　theory　of　value。　The　only　question　is；　to　which　of　the　different　conceptions　that　are　included　under　the　historical　method　of　reckoning　cost　may　this　be　applied。　　　　　　There　is　no　doubt　that　it　is　true　　in　that　approximate　way　in　which　any　〃law　of　cost〃　can　be　true　　of　the　primary　elements　of　cost；　labor　and　abstinence；　measured　according　to　their　value。　We　might　put　this　in　a　more　concrete　form　as　follows：　　　　　　In　those　goods　that　generally　obey　the　〃law　of　cost；〃　the　price　of　the　finished　product　tends　to　an　approximate　equality　with　the　total　sum；　that　must　be　expended　in　wages　and　interest　during　the　whole　course　of　its　production。　　　　　This　proposition；　I　believe；　is　common　to　all　theories　of　value　including　the　classical　（see　A。　Smith　and　J。S。　Mill）；　and　really　follows　as　a　logical　consequence　from　the　older　theories。　We　have　said　that　the　price；　say　of　cloth；　tends　to　adjust　itself　to　the　money　cost　of　producing　cloth。　This　consists　in　part　of　the　wages　and　interest；　which　are　paid　directly　in　this　industry　（the　wages　of　weavers）；　also；　in　part；　of　the　money　expended　for　the　consumption　and　durable　goods　sacrificed　in　its　production；　for　instance；　the　yarn　consumed。　But　here　again；　the　money　price　of　yarn；　according　to　our　proposition；　would　tend　to　adjust　itself　to　the　spinner's　money　cost。　This　again　consists；　in　part；　of　interest　and　wages　of　spinners；　and　in　part；　of　the　money　expended　upon　consumption　and　durable　goods；　say　the　wool　consumed。　　　　　　It　is　manifest　that　the　analysis　may　be　continued　in　this　way　until　finally　the　money　cost　of　every　single　stage　of　production　is　resolved　into　interest　and　wages。　In　so　far　as　the　price　of　the　finished　product　or　of　the　intermediate　products　（cloth；　yarn；　wool；　etc。）；　actually　conform　to　their　money　cost　of　production；　they　cannot　fail；　in　the　end；　to　coincide　with　the　total　sum　of　the　interest　and　wages　expended　in　their　production。　Or　what　is　the　same　thing；　they　will　agree　with　the　total　outlay　of　the　original　elements　of　production…labor　and　abstinence…rated　according　to　their　value　or　price。　　　　　　The　primary　outlay　in　production；　especially　the　labor；　to　whose　consideration　we　will；　for　the　sake　of　brevity；　confine　ourselves；　can；　as　we　know；　be　measured　by　other　scale　or　standards。　　　　　　If　we　attempt　to　verify　the　law　of　cost；　with　reference　to　these　other　methods　of　measuring　costs；　we　soon　come　to　grief。　　　　　　It　is　very　clear；　for　example；　that　the　〃law　of　cost；〃　in　the　sense　that　the　price　tends　to　conform　to　the　quantity　or　duration　of　the　labor　expended；　will　not　hold　good。　To　prove　this；　we　need　only　advert　to　the　simple　fact　that　the　product　of　a　day's　labor　of　a　machinist　or　cabinetmaker　is　much　higher　in　value　than　the　product　of　a　day's　labor　of　an　ordinary　ditch…digger。　This　holds　good；　not　only　for　the　difference　between　skilled　and　unskilled　labor；　but　also　for　the　less　pronounced　differences　that　exist　between　the　various　groups　or　grade　of　common　labor。　The　well…known　doctrine　of　the　socialists；　which　bases　all　value　upon　the　quantity　of　labor　expended；　must　either　do　violence　to　the　facts　or　be　untrue　to　itself；　and　this　entirely　independent　of　the　fact　that　it　ignore　the　cost　element…abstinence。　When；　for　example；　Marx　concedes　that　skilled　labor　must　be　translated　into　terms　of　common　average　labor；　and　so；　for　the　purposes　of　estimating　cost；　must　be　regarded　as　some　multiple　of　this　common　average　labor；　he　is　only　verbally　faithful　to　the　proposition　that　the　duration　of　labor　is　the　true　measure　of　cost。　As　a　matter　of　fact；　he　makes；　the　value　of　the　labor　expended　the　measure　of　the　cost。　　　　　　Our　investigation　becomes　far　more　difficult　when　we　come　to　consider　the　fourth　of　the　above　enumerated　meanings　of　the　word　cost；　this　meaning　understands　by　the　word　cost；　the　sum　of　the　pains　or　disutilities　which　the　laborer　must　endure　in　production。　This　brings　us　to　the　cardinal　point　of　the　whole　question；　a　point；　however；　which　require　the　most　careful　investigation。　　　　　　It　is　quite　conceivable　that　the　correspondence　which　we　have　already　noted　between　the　value　of　freely　reproducible　goods　and　their　synchronously　reckoned　cost；　and　again　between　that　value　and　the　value　of　the　labor　expended；　may　extend　to　a　third　member。　In　this　case　the　law　of　cost　would　be　true　in　a　threefold　sense。　To　establish　this　it　would　be　only　necessary　to　show；　that　the　value　of　the　labor　corresponds　with　reasonable　accuracy　to　the　amount　of　pain　that　the　laborer　endure。　　　　　　Such　a　correspondence　actually　occurs　under　a　certain　definite　assumption。　This　assumption　depends　upon　the　facts；　first；　that　the　pain　of　labor　increases　with　its　duration；　and　second；　that　the　labor　is　continued　until　the　pain　of　the　last　increment　of　labor　（Arbeitstheilchen）；　say　the　last　quarter　of　an　hour；　is　in　exact　equilibrium　with　the　marginal　utility　of　the　product　of　that　final　increment　of　labor。　In　this　event　we　have　here　a　common　rendezvous　for　our　several　items　　the　utility　of　the　product；　the　pain　endured　by　the　laborer；　the　value　of　the　labor；　and　finally　the　value　of　the　product。　　　　　　Let　us　illustrate　this　by　an　example。　We　will　take　a　man　engaged　in　one　of　the　ordinary　trades；　say　a　cabinetmaker　or　a　locksmith。　A　certain　amount　of　money；　say　five　cents；　which　he　obtains　for　a　quarter　of　an　hour's　labor；　has　for　him　a　definite　value。　This　is　determined　by　its　marginal　utility；　or　by　the　importance　of　the　last　need　which　he　is　in　a　position　to　satisfy　through　the　outlay　of　five　cents。　Now；　according　to　well…known　principle；　about　which　my　English　and　American　colleague　and　myself　are　in　entire　agreement；（16*）　this　marginal　utility　will　be　smaller；　as　the　daily　pay　of　the　laborer　increases。　It　will；　for　instance；　be　smaller　when　the　laborer　receive　two　dollars　and　forty　cents　for　twelve　hours　of　work；　than　when　he　receives　one　dollar　and　sixty　cents　for　eight　hours　of　work。　Again；　according　to　equally　well…known　principles；　about　which　there　is　a　no　less　complete　agreement　among　all　parties　to　the　controversy；　the　fatigue　and　strain　of　the　laborer　grows　with　the　increase　in　the　duration　of　labor。　Other　thing　being　equal；　the　tenth　hour　of　labor　is　unquestionably　more　fatiguing　than　the　third　or　sixth；　and　a　fourteenth　or　an　eighteenth　would　certainly　be　still　more　fatiguing。　Now；　since　the　marginal　utility　of　every　five　cents　added　to　the　pay　of　the　laborer　is；　less　than　the　utility　of　the　last　preceding　five　cents；　and　since　with　each　additional　quarter　of　an　hour