The Concept of Value Further Considered

B. M. Anderson

The Quarterly Journal of Economics, 1915, vol. 29, issue 4, 674-708

Abstract: I. Relation of value concept to causal theory of value, 675. — II. Various roots of relative conception of value: "Relativity of Knowledge," 676. — Geometrical conceptions of relativity; parallel argument for relativity of value, 677. — Doctrine of fixed sum total of values, 680. — Haney's expressions, 681. — Usage in English, French and German, 681. — III. General rise or fall of values, 682. — Can one good alone have value ? 683. — Abstract v. concrete ratios, 684. — "Rate of exchange" as abstract ratio, 685. — "Rate of exchange" useless for economic analysis: views of J. B. Clark, Böhm-Bawerk, Carver and C. M. Walsh, 685. — IV. Illustrations of need of absolute value concept, 687. — Fisher's "general price level" an indefensible substitute, 688. — Shift in Laughlin's argument, 690. — V. Speed and value as ratios, 691. — The "mathematician's fallacy," 692. — Differences between measurement of speed and measurement of values, 693. — VI. "Rate of exchange" as "price," 695. — VII. Different consequences of absolute and relative value concepts in economic analysis, 695. — (1) Value a wider concept than exchange, 695. — Value in sociology and in economics, 696. — Value and exchange in socialistic state, 696. — (2) Value and exchangeability not correlated, 697. — Nor do prices always correctly express values, except in static theory, 698. — Values as causes of prices, 698. — Temporal relation of cause and effect, 698. — (3) Prices often partly controlled by non-economic values, 699. — Law, custom, and morals in relation to prices, 699. — Exchange theory of value cannot shirk consideration of these cases, 702. — VIII. (4) "Power in exchange" as equivalent of value, 702. — IX. (5) Schumpeter's use of relative concept as regards land value, 703. — X. Conclusion, 705.

Date: 1915
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