[63] Our question here is primarily a _logical_, and not a _psychological_, one, else I should choose a different term from "feeling-magnitude." For the present, I am accepting the Austrian psychology, and attacking the Austrian logic. _Cf._ the chapter in this work on the psychology of value. [64] _Op. cit._, pp. 300, 312, 313 _et seq._, 320, 325, n., 327, 328 n., 329, and chap. XVII. [65] _Principles_, 1898 ed., p. 176. [66] _Op. cit._, p. 300. [67] _Principles of Economics_, London, 1902, p. 57. [68] Page 18, "The consumption of all the individuals in a community or nation can also be represented by this diagram if their feelings, sentiments, and habits are nearly enough alike to create a normal type."--A statement which is defensible only if "habits" be stretched to include incomes! See, also, pp. 28 (diagram) and 82. [69] _Economics_, 1904 ed., pp. 101-104. [70] See _supra_, p. 17, n. [71] English edition, London, 1889, pp. 90-91 [72] Flux, A. W., _Economic Principles_, London, 1904. Compare pp. 4, 29, and 27. [73] _Principles_, 1907 ed., pp. 348-50. [74] _Op. cit._, p. 569. [75] As shown in chapter II. An interesting illustration of this general conclusion as to the significance of the results based on the individualistic analysis is found in the reformulation of the law of marginal utility by Professor Irving Fisher in his "Mathematical Investigations in the Theory of Value and Prices," _Trans. of the Connecticut Academy of Arts and Sciences_, vol. IX, p. 37. The theory of marginal utility in relation to prices "is not, as sometimes stated: 'the marginal utilities to the same individual of all articles are equal,' much less is it: 'the marginal utilities of the same article to all consumers are equal;' but _the marginal utilities of all articles_ CONSUMED [capitals mine] _by a given individual are proportional to the marginal utilities of the same series of articles for each other consumer, and this uniform continuous ratio is the scale of prices for those articles_." This conception of Professor Fisher's is clear as far as it goes, but it by no means explains the action of individual desires upon prices. It rather explains how an already established set of prices controls individual _expenditure_ and _consumption_. Compare, however, Boehm-Bawerk's view, "Grundzuege," Conrad's _Jahrbuecher, N. F._, XIII, 1886, pp. 516 _et seq._ CHAPTER VI THE VICIOUS CIRCLE OF THE AUSTRIANS