CHAP. PAGE I. INTRODUCTORY 1 II. THE ANALYSIS OF VALUE 9 III. THE DIFFERENCE BETWEEN UTILITY AND VALUE 13 IV. THE SCALE OF VALUE 18 V. THE MARGINAL UTILITY 29 VI. DIFFICULTIES AND EXPLANATIONS 35 VII. COMPLEMENTARY GOODS 42 VIII. SUBJECTIVE EXCHANGE VALUE 47 IX. FROM SUBJECTIVE TO OBJECTIVE VALUE 52 X. PRICE 55 XI. SUBJECTIVE VALUATIONS THE BASIS OF PRICE 61 XII. COST OF PRODUCTION 67 XIII. FROM MARGINAL PRODUCTS TO COST OF PRODUCTION 74 XIV. FROM COST OF PRODUCTION TO PRODUCT 78 XV. CONCLUSION 84 APPENDIX I 87 APPENDIX II 91 INDEX 103 WRITERS AND BOOKS REFERRED TO CARL MENGER (Professor in the University of Vienna), _Grundsätze der Volkswirthschaftslehre_, Vienna, 1871. FRIEDRICH VON WIESER (Professor in the University of Prague), _Ueber den Ursprung und die Hauptgesetze des wirthschaftlichen Werthes_, Vienna, 1884. _Der natürliche Werth_, Vienna, 1889, translated as _Natural Value_, Macmillan & Co., 1893. EUGEN V. BÖHM-BAWERK (Honorary Professor in the University of Vienna), _Grundzüge der Theorie des wirthschaftlichen Güterwerths_, published in Conrad’s _Jahrbücher_, 1886. _Geschichte und Kritik der Kapitalzius-theoriem_, Innsbruck, 1884, translated as _Capital and Interest_, Macmillan & Co., 1890. _Positive Theorie des Kapitales_, Innsbruck, 1889, translated as _The Positive Theory of Capital_, Macmillan & Co., 1891. W. STANLEY JEVONS (Professor in University College, London), _The Theory of Political Economy_, 2d edition, Macmillan & Co., 1879. CHAPTER I INTRODUCTORY