Individualistic method of Jevons and the Austrians--Such a method, applied to value problem in concrete social life, yields, not quantities of value, but rather, particular ratios between such quantities--Value cannot be identified with marginal utility of a good to a marginal individual, even though we assume the commensurability and homogeneity of human emotions--Clark's Law 28 CHAPTER IV JEVONS, PARETO AND BOeHM-BAWERK When individualistic methods and assumptions are pushed to the extreme, the problem of a quantitative value becomes still more hopeless--Jevons' psychological and epistemological assumptions--No objective value quantity for Jevons--The same true of Pareto--Boehm-Bawerk, trying to find law of value in law of price, reaches results no more satisfactory--Austrian analysis, even with Professor Clark's correction, is simply an explanation of the modus operandi of determining particular ratios between values in the market--It tells us nothing of value itself, and assumes a whole system of values predetermined 34 CHAPTER V DEMAND CURVES AND UTILITY CURVES Constant confusion of demand curves and utility curves in current economic literature has made necessary much of the foregoing criticism--Confusions in the writings of Jevons, Boehm-Bawerk, Wieser, Pierson, Patten, Hadley, Ely, Schaeffle, Flux, Marshall, and Davenport 40 CHAPTER VI THE VICIOUS CIRCLE OF THE AUSTRIANS Extreme abstractness of the Austrian theory--Abstraction legitimate and necessary, but must not be carried so far that the explanation phenomena are obliged to include the problem phenomenon--Austrians explain value in terms of value,--a vicious circle--Circle explicit in Wieser--Also explicit in Hobson's attempt to combine Austrian theory with cost theory of English School 45 CHAPTER VII PROFESSOR CLARK'S THEORY OF SOCIAL VALUE All attempts to explain value in terms of the highly abstract factors of individual utility and individual cost, or any combination of them, must become similarly entangled--Austrians have shown this of English theory--Professor Clark's value theory, set forth in the Distribution of Wealth, intended to justify social value concept, really uses only these abstract individual factors, combined in arithmetical sums, and similarly falls into a circle--Differences between Professor Clark's point of view in his _Philosophy of Wealth_ and that of his later writings--The point of view of the earlier book, supplemented by later studies in social psychology, will afford the basis for an organic conception of society, and a valid doctrine of social value 49