the ultimate standard of value-第8章

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y　was　the　determinant　of　value；　Marshall　holds　that　both　enter　into　the　determination　of　value；　and　that；　like　the　two　blades　of　a　pair　of　shears；　they　are　co…equal　factors　in　this　determination。　Nor　does　he　assume　this　position　in　any　tentative　way；　but　rather　holds　that　he　has　found　the　solution　for　a　problem　long　in　dispute。（29*）　　　　　No　matter　who　is　responsible　for　this　confounding　of　the　cost　of　the　empirical　law　of　cost　with　the　disutility　of　labor；　the　fact　remains　that　the　confusion　does　exist。　In　order　to　distinguish　as　sharply　as　possible　between　the　two　principles　referred　to；　I　may　remark　that　there　is　a　rule　which　may　be　called　the　law　of　disutility；　according　to　which　the　value　of　all　goods　that　come　under　its　influence　tend　to　be　in　equilibrium　with　the　amount　of　the　pain　involved　in　their　production。　But　this　is　far　from　being　the　same　as　the　great　empirical　law　of　cost。　It　depends　upon　quite　different　assumptions；　and　upon　the　play　of　other　and　intermediate　motive。　Finally；　it　has　a　different　and　much　smaller　field　of　operation。　On　the　one　side；　it　includes　but　a　small　part　of　the　territory　covered　by　the　empirical　law　of　cost；　and　on　the　other；　it　include　a　certain　portion　of　territory　which　is　not　covered　by　the　law　of　cost。　　　　　　This　somewhat　minute　and　pedantic；　though　none　the　less　necessary；　examination　of　the　famous　law　of　cost　leads　us　to　the　following　conclusion。　The　law　of　cost；　as　applied　to　the　actual　facts　of　our　economic　life；　is　susceptible　of　verification；　in　the　sense　that　the　synchronously　reckoned　cost；　or　the　sum　of　the　value　of　goods　expended　in　production；　coincides　with　the　price　of　the　product。　Again；　under　the　assumption　that　this　synchronously　reckoned　cost　can　all　be　resolved　historically　into　labor；　it　is　possible　to　verify　the　proposition　that　the　price　of　the　product　is　determined　by　the　sum　of　the　labor　expended；　measured　in　terms　of　the　value　of　this　labor。　But　the　law　of　cost　is　certainly　not　true　in　the　sense　that　the　price　of　those　goods　which　are　within　the　domain　of　the　law　of　cost　is　determined　by　the　amount　of　the　pain　involved　in　their　production。　

V。　The　Law　of　Cost　and　the　Value　of　Labor。

　　　　I　would　now　ask；　and　my　colleague　of　the　Austrian　school　ask　with　me；　what　advance　have　we　made　toward　a　solution　of　our　problem。　Even　though　it　be　shown　by　means　of　the　famous　law　of　cost；　that　the　value　of　freely　reproducible　goods　may　be　resolved　into　the　value　of　their　means　of　production；　or　into　the　value　of　the　most　ultimate　or　elementary　factor　in　production；　i。e。；　labor；　we　still　must　ask；　what　progress　has　been　made　in　explaining　the　value　of　goods？　　　　　　Manifestly　this　translation　of　the　value　of　goods　into　the　value　of　the　means　of　production；　does　not　give　us　the　final　solution　for　our　problem；　for　we　must　still　further　inquire；　how　we　are　to　determine　the　value　of　these　means　of　production；　or　if　we　regard　the　means　of　production　as　resolvable　historically　into　the　labor　previously　expended；　how　are　we　to　determine　the　value　of　this　labor？　　　　　　Let　us　proceed　immediately　to　the　consideration　of　the　second　half　of　our　question。　This　will　bring　us　at　once　to　the　root　of　the　problem。　For　the　sake　of　clearness　I　will　accept　as　the　basis　of　the　argent　the　doctrine　proposed　by　those　who　are　in　opposition　to　me　in　this　matter。　　　　　　In　Professor　Marshall's　most　admirable　book　which　may　fairly　be　taken　as　representative　of　the　present　status　of　economic　theory　in　England；　may　be　found　several　answers　to　the　question：　What　determine　the　value　of　labor？　In　one　place；　he　teaches　that　〃free　competition　tends　in　the　direction　of　making　each　man's　wages　equal　to　the　net　product　of　his　own　labor；　by　which　is　meant；　the　value　of　the　produce　which　he　takes　part　in　producing；　after　deducting　all　the　other　expenses　of　producing　it。〃（30*）　He　also　holds；　that　〃the　wages　of　every　class　of　labor　tend　to　be　equal　to　the　net　produce　due　to　the　additional　labor　of　the　marginal　laborer　of　that　class。　It　may　be　remarked；　that　in　obtaining　the　value　of　labor　out　of　the　value　of　the　product　of　labor；　one　is　in　entire　harmony　with　the　conceptions　of　the　Austrian　school。　What　effect　this　has　upon　the　law　of　cost　will　appear　later　on　in　the　discussion。　　　　　　In　another　place（31*）　Professor　Marshall　give　us　quite　a　different　standard　for　determining　the　value　of　labor。　He　holds；　that　in　the　case　of　every　agent　of　production：　〃there　is　a　constant　tendency　toward　a　position　of　normal　equilibrium；　in　which　the　supply　of　each　of　these　agents　shall　stand　in　such　a　relation　to　the　demand　for　its　services；　as　to　give　to　those　who　have　provided　the　supply　a　sufficient　reward　for　their　efforts　and　sacrifices。　If　the　economic　condition　of　the　country　remain　stationary　sufficiently　long　this　tendency　would　realize　itself　in　such　an　adjustment　of　supply　to　demand；　that　both　machines　and　human　beings　would　earn　generally　an　amount　that　corresponds　fairly　with　their　cost　of　production。〃　I　am　not　quite　sure　how　wide　an　application　Professor　Marshall　would　give　to　this　statement。　This　much；　however；　is　clear；　he　would　apply　the　distinction　of　the　classical　school；　between　the　rapidly　fluctuating　〃market　price〃　and　the　〃normal　value〃　which　is　based　upon　cost；　to　the　commodity…labor。　In　the　passage　just　cited　he　manifestly　wishes　to　indicate　the　standard　according　to　which　the　normal　or　long　period　position　of　wages　is　finally　determined。　But　as　it　appears　to　me；　he　is　not　quite　clear　whether　he　would　make　the　efforts　and　sacrifice　of　the　laborer　the　ultimate　standard　（as　his　expression；　〃sufficient。。。　for　their　efforts　and　sacrifices；〃　would　seem　to　indicate）；　or　whether　he　would　take　the　cost　of　rearing　and　maintaining　human　beings　as　the　standard　（as　the　expression　〃amount　that　corresponds　fairly　with　the　cost　of　production　of　human　beings〃）　would　imply。　Doubt　may　also　arise　whether　it　is　his　opinion　that　the　absolute　height　of　wages　tends　to　an　equilibrium　with　the　〃efforts〃　or　〃cost　of　production　of　human　beings〃；　or　that　the　differences　in　wages　to　which　these　give　rise　are　but　variations　from　an　average　level；　the　absolute　height　of　wages　being　determined　by　other　considerations。　　　　　　If　this　last　is　Professor　Marshall's　opinion；　then　I　am　in　entire　agreement　with　him　in　his　conception　of　the　value　of　labor。　That　differences　in　the　pain　of　labor　tend　to　bring　about　corresponding　difference　in　wages；　I　have　already　admitted。（32*）　The　same　influence；　and　for　quite　analogous　reasons；　may　be　exercised　by　differences　in　the　cost　of　producing　human　beings。　　　　　　If；　however；　the　expression　is　to　be　interpreted　in　the　wider　sense；　that　the　absolute　height　of　wages　is　finally　determined　by　the　pain　of　labor；　or　by　the　cost　of　producing　human　beings；　then；　as　it　seems　to　me；　Professor　Marshall　has　taken　a　position　which　cannot　be　maintained。　This；　so　far　as　the　pain　of　labor　is　concerned；　I　have　endeavored　to　show　in　a　previous　chapter。　In　regard　to　the　cost　of　producing　human　beings；　a　twofold　objection　suggests　itself。　First；　this　statement　is　hardly　verified　by　experience；　for　modern　economists　are　quite　generally　agreed　that　the　〃iron　law　of　wages〃　cannot　be　interpreted　as　meaning　that　the　necessary　cost　of　maintenance　is　a　fixed；　definite　amount；　toward　which　the　wages　of　labor　must　in　the　long　run　tend。　On　the　contrary；　they　are　agreed　that　the　wages　of　labor　may　permanently　exceed　that　amount；　which　hitherto　has　been　regarded　as　the　amount　of　the　necessary　cost　of　maintenance。　And　when　this　excess　of　the　wages　of　labor　above　the　cost　of　maintenance　does　disappear；　it　is　really　due　to　the　fact；　that　the　better　conditioned　laboring　population　have　so　accustomed　themselves　to　the　higher　standard　of　life；　that　much　that　before　was　a　luxury　is　now　a　necessity。　In　an　agreement　between　cost　of　maintenance　and　wages　of　labor　obtained　in　this　way　it　can　hardly　be　said　that　the　cost　of　maintenance　is　the　determining；　and　the　wages　of　labor　the　determined　element。　　　　　　Second；　this　last　explanation　is　not　satisfactory　because　it　simply　leads　us　around　in　a　circle。　According　to　this　law　of　cost；　the　price　of　the　means　of　maintaining　the　laborer　（as　bread；　meat；　shoe；　coats；　etc。）；　is　to　be　explained　by　the　value　and　price　of　the