[57] It is not wholly clear whether or not Boehm-Bawerk means his "objective value in exchange" to be considered as an absolute or as a relative concept. His formal definition ("Grundzuege der Theorie des wirtschaft lichen Gueterwerts," Conrad's _Jahrbuecher, N. F._, XIII, 1886, p. 5) is as follows: "Hierunter ist zu verstehen die objective Geltung der Gueter im Tausch, oder mit anderen Worten, die Moeglichkeit fuer sie im Austausch eine Quantitaet anderer wirtschaftlicher Gueter zu erlangen, diese Moeglichkeit als eine Kraft oder Eigenschaft der ersteren Gueter gedacht." The concluding phrase would seem to point to an absolute conception, as would also his criticism of the expressions, "ratio of exchange," "_Austauschverhaeltnis_," and "_Tauschfuss_" (_Ibid._, p. 478, n.): "Diese Ausdruecke haben naemlich eine Nueance an sich, die es unmoeglich macht, sie sprachlich den Guetern als Eigenschaft beizulegen, oder von einer groesseren oder geringeren Hoehe derselben zu sprechen." But, on the other hand, his identification of the concept, "objective value in exchange," with the term "power in exchange" of the English economists (in both the passages referred to) would seem to make the relative implication in the concept unavoidable, and perhaps there is no point to raising the question. His criticism of Hermann in the _Capital and Interest_ (p. 203) is based on the relative conception of value. _Cf._ our discussion of the practical usage of the Austrians in chapters XI and XVIII. [58] Whether price be defined as a quantity of goods given for a good, or as the ratio between the two quantities of goods exchanged, is for present purposes immaterial. [59] _Positive Theory_, p. 132. [60] See chapter VI, _infra_. CHAPTER V DEMAND CURVES AND UTILITY CURVES