§ 4. Detailed criticism of Ricardo’s labor-cost theory 83 § 5. Majority of these points of criticism provided for by Ricardo himself 85 § 6. Difference between the two economists partly one of emphasis: ultimate gain of Malthus’ theory 86 § 7. Note on the question of the invariable measure of value for all times and places 88 CHAPTER VIII SENIOR § 1. Opening of his discussion very unfavorable to old labor cost philosophy 93 § 2. Originates a consistent conception of subjective cost of production,—labor and abstinence 95 § 3. Approaches a theory of final equivalence of utility and disutility 96 § 4. Values produced would be in proportion to subjective cost of production were there no rents 98 § 5. Remarkable extension of the rent concept 99 § 6. The universal prevalence of rent in real life nullifies the law of subjective costs 101 § 7. Net result of Senior’s reasonings very destructive of labor-cost theory 102 CHAPTER IX JOHN STUART MILL § 1. Begins with “empirical” laws of supply and demand, and of entrepreneur’s costs 104 § 2. Scant attention paid to subjective costs 106 § 3. Wavers concerning inclusion of “profits” in cost: an illustration of the inadequacy of the ancient philosophy of value 107 § 4. Follows Ricardo, without the slightest improvement in his explanation of the interest complication 108 § 5. Departs from Ricardo in admitting that case of skilled labor necessitates qualification of the labor-cost theory 110 § 6. Summary: the labor theory weakened; comparison with Malthus and Senior 112 CHAPTER X CAIRNES § 1. Cost of production, as ultimate regulator of value, defined in purely subjective terms 114 § 2. Wages and interest, being rewards, cannot be costs 116 § 3. Conception of the “average sacrifice” 117 § 4. The problem of the influence of subjective cost upon exchange value, more clearly stated than ever before 118