compatible, and qualitatively incompatible values—In first case, quantitative marginal compromise often possible: generalization of Austrian analysis—So-called "absolute values" ("absolute" here used as in history of ethics)—No sharp lines between different sorts of values, as ethical, economic, æsthetic—Different sorts of values do not constitute self-complete, separate systems—Generalization of notion of price—Suggestions as to analogues in the field of the social values 93

CHAPTER XI

RECAPITULATION—THE SOCIAL VALUES—FUNCTIONS OF THE VALUE CONCEPT IN ECONOMICS

Conclusions reached both in economic analysis and in sociological analysis point to values which correspond to no individual values, great social forces of motivation—To individual, economic, legal, and moral values appear as external forces, over which his control is limited, and to which he must adapt his individual behavior—Economic theory, often unconsciously, has assumed objectively valid, quantitative value, and economic theory valid only on the basis of such a concept: value the homogeneous element among the diversities of physical forms of goods, by virtue of which ratios, sums, and percentages may be obtained among them, and comparisons made—Process of "imputation" assumes such a value concept—Value used by economists to explain motivation of economic activity—Such a value concept essential for the theory of money—Implied in the term, "purchasing power"—Such a concept has never been justified, but economists, more concerned about practical results than logical consistency, have found it essential, and used it—Impossible to develop a social quantity by synthesis of abstract individual elements—Correct procedure the reverse of this 115

CHAPTER XII

SOCIAL VALUE: THE THEORIES OF URBAN AND TARDE

Neither Urban nor Tarde primarily concerned with economic value—Urban's important contributions—Insists on conscious feeling as essential for social value—But feeling may vary in intensity without affecting the power in motivation of the value—Feeling significant when values are to be compared—Social weight of those who feel a value a highly significant phase which Urban ignores—Tarde recognizes this phase, but errs in treating it as an abstract element, which obeys the laws of simple arithmetic 124

CHAPTER XIII

ECONOMIC SOCIAL VALUE

How get out of Austrian circle?—Temporal regressus vs. logical analysis of the concrete whole of the Social Mind—Even in Wieser's "natural" community, psychic elements other than "marginal utility" significant for the determination of economic values, especially legal and moral values concerned with distribution—Quotation from Mill—Critique of "pure economic" theories of distribution—They presuppose as a "framework" a set of legal and moral values which, in modern times, especially, are little more stable than "pure economic" forces, and which, in any case, are of same nature as economic forces,—fluid, psychic forces—"Pure economic" forces, working in vacuo, would lead to anarchy; any concrete economic tendency depends on legal and moral forces quite as much as on "pure economic" forces—Illustrations 132

CHAPTER XIV

ECONOMIC SOCIAL VALUE (continued)

Abstract elements of the Austrian and English schools, individual "utilities" and "costs," have their place in the concrete whole of social intermental life—Social causes largely determine them—But this not enough for a theory of social value—Intensity of a man's feelings or desires has no relation whatever to value in market till we know social rankings of men—Conflicts of values concerned with these social rankings—Prices express results of court decisions as well as results of changing individual desires for economic goods—We break the circle by turning to the concrete whole of social-mental life—Economics has failed to profit by example of other social sciences here—No social science can explain its phenomena by reference to one or two abstract factors 148

CHAPTER XV

SOME MECHANICAL ANALOGIES

Mechanical analogies of limited use in revealing full complexity of social control, but of use for certain purposes—Our argument can be put, in part, in terms of mechanical analogies—Transformations of social forces—Illustrations—Marginal equilibria among social forces—Illustrations—Social forces of control take different forms under different conditions—Mechanical analogies useful enough for economic price-analysis—Our thesis involves no radical revision of economic methodology—It is rather concerned with interpretation and validation of economic methodology 156

CHAPTER XVI

PROFESSOR SELIGMAN'S PSYCHOLOGICAL DOCTRINE OF THE RELATIVITY OF VALUES

Professor Seligman's contributions to value theory—Points of difference between his views and those here maintained—His psychological doctrine of relativity—Different from doctrine of English School, which is a matter of logical definition—Values relative because there is fixed sum of values, and increase in one value can come only through decrease in other values—Criticism: psychological difficulties; diminution of all values in times of panics and epidemics; decrease of economic values through increase of religious and other values—Element of truth in Professor Seligman's doctrine—Relation between Professor Seligman's view and that of Professor Clark 162

CHAPTER XVII

THE THEORY OF VALUE AND THE THEORY OF PRICES

Price and Preis—Price broadened to include all relations between values, whether money be involved or not—History of price-concept in English economics—Distinction between prices and values—Generalization of notion of price—Measurement of beliefs, etc., in terms of money—"Qualitative analysis" and "quantitative analysis"—Great bulk of economic theory, and virtually all that is valid and valuable in economic theory, has so far been in theory of prices, and not in theory of value—Methods of price analysis—Abstract units of value—Price theory and practical problems 175

CHAPTER XVIII

THE